LOCATION
Fort Worth, TX (Kennedale, DFW Metroplex)
SITE COUNT
103 lots
ACQUIRED
August 2025
CAPITAL STRUCTURE
Seller-financed at 5%, 7-year term
Performance Highlights
Exceeding underwriting expectations through operational excellence.
+5.9%
YEAR 1 NOI VS UW
$693K actual vs $655K underwritten
95%
CURRENT OCCUPANCY
Against 85% Year 1 underwriting target
6.5% vs 6.2%
CASH-ON-CASH VS UW
Distributing above projection
DEAL STRUCTURE
Seller financing at 5% on a 7-year term in a 7%-plus rate environment
Coltcam negotiated seller financing at 5% interest on a seven-year term, an unusually attractive structure given the 2025 rate environment and a meaningful contributor to the deal's return profile. The transaction was completed direct to owner through an existing relationship with the seller, even though the property was technically listed at the time.
The Acquisition
Closed August 2025 in Kennedale, on the southern edge of the DFW Metroplex. The property was family-owned by first-time RV park builders who had filled the asset to high occupancy in a strong location but did not want to keep operating it because the park was not their main business. The deal was technically listed, but the transaction was completed direct to owner through an existing relationship with the seller. The most important piece of structuring was the financing: Coltcam negotiated seller financing at 5% interest on a seven-year term, an unusually attractive structure given the 2025 rate environment and a meaningful contributor to the deal's return profile.
The Work
Two operational moves drove the early outperformance. First, Coltcam rolled out the integrated merchant services program on day one, passing all credit card processing fees through to tenants and lifting revenue by approximately $5,000 per month immediately. Second, the in-house marketing engine was turned on against an asset that had previously relied on its location to fill itself, pushing already-high occupancy higher and accelerating absorption against the underwriting. Rent Manager and the standard Coltcam management stack were live within the first 90 days. Monthly gross income climbed from $53K in August 2025 to $96K by March 2026, an 81% increase.
The Outcome
By March 2026, occupancy stabilized at 95% against an underwritten Year 1 target of 85%. Annualized NOI is running 5.9% above the Year 1 underwriting at $693K vs $655K projected. Investors are receiving 6.5% cash-on-cash distributions against a 6.2% Year 1 projection, with the distribution expected to step up further as the NOI run-rate climbs. The expense ratio is holding at 39.9% against an underwritten 40.1%, with room to compress further.
INVESTOR SNAPSHOT
EQUITY RAISE
$4.48M
UW IRR
17.4%
UW EQUITY MULTIPLE
1.82x
HOLD PERIOD
4 Years
WHAT'S NEXT
On the horizon
Income is still climbing month over month, so the annualized figures understate the forward trajectory. DFW Mid-Cities 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.
