LOCATION
Elmendorf, TX (San Antonio MSA)
SITE COUNT
74 lots
ACQUIRED
Q1 2023
CAPITAL STRUCTURE
100% principal-funded
Performance Highlights
Exceeding underwriting expectations through operational excellence.
20% → 77%
OCCUPANCY LIFT
57-point increase over hold period
~20%
OPERATING EXPENSE REDUCTION
Achieved in the first 12 months
~15%
AVG ANNUAL DISTRIBUTION
Distributed to principal ownership
The Acquisition
Vista Ridge was acquired in Q1 2023 from a mom-and-pop owner with no prior RV park operating experience. The property sits in Elmendorf on the southern edge of the San Antonio MSA, an underserved long-term RV submarket. At takeover, only 15 of 74 sites were occupied, putting physical occupancy at roughly 20%. The seller had run the property informally with no marketing infrastructure, no operational systems, and no leverage of digital tenant acquisition channels.
The Work
Coltcam replaced ownership-side operations with an in-house management team and standard operational systems on day one. Operating expenses were reduced by approximately 20% through payroll restructuring, contract renegotiation, and utility billing changes. A full marketing build-out followed: SEO, paid search, paid social, and a rebuilt digital presence. Trailing 12-month operating expenses run at $236K against $410K of gross income, with the largest line items being payroll at $73K, marketing at $56K, and utilities at $52K. The marketing spend at 14% of gross income reflects the active tenant acquisition strategy that has driven occupancy from 20% to 77%.
The Outcome
Occupancy has climbed from 20% at takeover to roughly 77% today, a 57-point lift over the hold period. Trailing 12-month rental income is $361K with another $49K in ancillary revenue, totaling $410K of gross income. Distributions to the principal ownership group have averaged approximately 15% annually across the hold. Across the trailing 12 months alone, $204K has been distributed to the principal partnership. Vista Ridge demonstrates the Coltcam operating playbook executed without outside equity: occupancy turnaround, expense discipline, marketing investment, and consistent cash distributions to ownership.
OPERATOR SNAPSHOT
HOLD PERIOD
3+ Years
OUTSIDE EQUITY RAISED
$0
T12 GROSS INCOME
$410K
T12 DISTRIBUTIONS
$204K
WHAT'S NEXT
On the horizon
The property continues to push toward full stabilization with room to compress the operating expense ratio further as gross income scales. Vista Ridge 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.
