LOCATION
Anna, TX (DFW Metroplex)
SITE COUNT
109 lots
ACQUIRED
October 2025
BASIS
Approximately 25% below brokered list price
Performance Highlights
Exceeding underwriting expectations through operational excellence.
+11.7%
YEAR 1 NOI VS UW
$524K actual vs $470K underwritten
95%
CURRENT OCCUPANCY
Against 82% Year 1 underwriting target
6.5% vs 5.1%
CASH-ON-CASH VS UW
140 bps outperformance in Year 1
DEAL STRUCTURE
Acquired roughly 25% below brokered list price through a strong broker relationship
Cedar Meadow was a brokered listing. Coltcam was not the highest offer on the table, but the listing broker backed the deal based on the strength of an existing relationship and confidence in execution. The property closed at approximately 25% below the broker's asking price. Capital structure was traditional bank financing at 65% loan-to-value, mid-6% interest rates, an interest-only period, and a 10-year term.
The Acquisition
Closed October 2025 in Anna, on the northern edge of the DFW growth corridor where workforce migration is tied to the Sherman, Frisco, and McKinney corridors. The property was a brokered listing. The sellers were an older family who had built the park roughly seven years earlier as their only RV asset and were looking to relocate. Coltcam had a strong relationship with the listing broker, who backed the deal even though Coltcam was not the highest offer on the table. The property closed at approximately 25% below the broker's asking price. Capital structure was traditional bank financing at 65% loan-to-value, mid-6% interest rates, an interest-only period, and a 10-year term.
The Work
The property was a pen-and-paper operation with zero systems at takeover. Coltcam fired the existing on-site team in the first 90 days and rebuilt the operation from the ground up. Rent Manager went live, a new on-site manager was hired under the standard Coltcam compensation model (lot rent comp plus a small salary), and the maintenance position was restructured the same way. The website was rebuilt and the in-house marketing engine was turned on with real PPC and SEO spend, neither of which the prior owners had ever done. The integrated merchant services program rolled out alongside, passing credit card processing fees through to tenants. The combination of professional systems, real marketing spend, and the merchant pass-through is what produced the income and occupancy outperformance. Coltcam added 15 covered awnings across existing fenced lots, creating a premium tier within the community. The improvement supported a $200 per site rent increase. The upgraded lots reached 100% occupancy within 30 days of availability.
The Outcome
Five months into the hold, the property is stabilized at 95% occupancy against an 82% Year 1 underwriting. Annualized gross income is running 9.5% above underwriting at $917K vs $837K. NOI is 11.7% above the Year 1 projection at $524K vs $470K. Investors are receiving 6.5% cash-on-cash distributions against an underwritten 5.1%, a 140 basis point outperformance in the first year. Cedar Meadow is the strongest early-stage performer in the current portfolio.
INVESTOR SNAPSHOT
EQUITY RAISE
$2.25M
UW IRR
17.5%
UW EQUITY MULTIPLE
1.84x
HOLD PERIOD
4 Years
WHAT'S NEXT
On the horizon
With occupancy stabilized at 95% and the expense ratio still compressing, NOI is positioned to accelerate through Year 2. Cedar Meadow is a candidate for opportunistic sale once market conditions reach an optimal interest rate environment.
PARTNER WITH COLTCAM
Invest in our next acquisition
Coltcam Capital is actively identifying and underwriting new off-market opportunities across the Texas Triangle. Gain exposure to institutional-grade returns in a recession-resistant asset class.
