Why Stephenville
A university market with seven consecutive years of record enrollment, a $130M event center and a $39.98M new stadium — capital is already arriving.
Victory Rock Capital presents
Stephenville, Texas
±297 acresA brighter future builds here.
Two strategically combined residential development sites. 297 acres. 1,150 planned lots. One investment.
- Target Equity Raise
- $15M
- Preferred Return
- 12%
- Target Equity Multiple
- 2.0x
- Target Horizon
- ~3 Yrs
Returns, multiples and timelines are targets only and are not guaranteed. Investing involves risk, including loss of capital.
Chapter 01 The Thesis
We are not betting on whether Stephenville will grow.
We are developing into growth that is already funded, built and measured.
Why residential lots
Students, faculty, regional workforce and families all need housing. Finished lots are the input every builder needs to meet that demand.
Why these sites
South of the Fort Worth & Western Railroad, minutes from Tarleton, downtown and the South Loop 377 retail corridor.
Why combine them
The 84-acre tract borders the ~212-acre tract. Together: 297 acres, 1,150 lots and a public-financing program roughly three times larger.
Why now
Survey, engineering cost opinion, concept plans and PID financing analysis are in hand. Capital now moves the project into entitlement and infrastructure.
Why this team
Victory Rock Capital as sponsor, supported by established public-finance, master-planning, engineering and survey professionals.
Chapter 02 Investment Economics
The terms, in seconds.
$15M
Target Equity Raise
12%
Preferred Return
2.0x
Target Equity Multiple
~3 Yrs
Target Investment Horizon
60/40
LP / GP Residual Split after preferred return & waterfall
Project-level economics
Combined development budget, updated 9/22/2026 — before the investor distribution waterfall.
- Finished lot sales $68.30M
- PID bond reimbursements $43.57M
Target returns, multiples, horizon and budget figures are projections based on preliminary materials, are not guaranteed, and may differ materially from actual results. Final terms are governed exclusively by the Offering Memorandum and subscription documents.
Chapter 03 The Development
297 acres in the path of growth.
Iron Horse Crossing sits south of the Fort Worth & Western Railroad with direct proximity to Tarleton, downtown Stephenville and the South Loop 377 corridor.
Site A · Original tract
84.83 acres
- Planned lots
- 400
- Phases
- 1 – 2 (198 + 202)
- Construction budget
- $15.08M
- PID net proceeds
- $13.54M
Site B · Expansion tract
~212 acres
- Planned lots
- 750
- Phases
- 3 – 5 (250 each)
- Construction budget
- $34.00M
- PID net proceeds
- $30.03M
Combined
297 acres
- Planned lots
- 1,150
- Phases
- 5
- Construction budget
- $49.08M
- PID net proceeds
- $43.57M
Lot program
1,150 planned single-family lots across five phases.
198Phase 1Site A
202Phase 2Site A
250Phase 3Site B
250Phase 4Site B
250Phase 5Site B
Infrastructure strategy
A combined $49.08M construction program — paving, water, sanitary sewer, storm drainage and earthwork — delivered phase by phase so capital is deployed as lots are brought to market. Eligible public improvements are intended to be reimbursed through PID bonds.
- Land purchase$12.52M
- Entitlement$3.61M
- Construction$49.08M
- Consulting$4.08M
- Soft costs$4.00M
- Total projected outflows$73.29M
Development progress
- Boundary survey — 84.83 acresPrice Surveying, LP · surveyed June 16, 2025
- 84-acre site planO'Brien Architects planning exhibit
- Engineer's opinion of probable costHanna Surveying & Engineering · Aug 26, 2026
- PID financing analysis — 84 acresT. Wilson draft · Aug 31, 2026
- PID analysis — 212 acres (35% TIRZ offset)Draft · Sept 22, 2026
- PID creation, TIRZ amendment & entitlementsNext milestone · subject to city approvals
Chapter 04 One Plan, Not Two Projects
Two adjacent tracts.
One stronger investment.
The 84.83-acre tract's southern boundary is the northern line of the ~212-acre tract. Planned together, each site makes the other more financeable, more efficient and more attractive to builders.
-
00
Two tracts. One shared boundary.
Plotted from the recorded survey bearings: the 84.83-acre tract sits directly on the northern line of the ~212-acre tract, south of the Fort Worth & Western Railroad. Together, 297 acres.
-
01
Stronger underwriting
Phases 1–2 deliver 400 lots on the original tract. The expansion adds Phases 3–5: 750 lots and $27.67M of projected net profit, spreading the project across five phases.
-
02
Public financing at scale
Combined PID net proceeds of $43.57M ($13.54M + $30.03M) on $61.36M of bond par. That's a larger, more efficient program than either tract could support alone.
-
03
Shared infrastructure
Trunk utilities, drainage and collector roads are planned once and extended south across the shared boundary, not engineered twice. Combined construction program: $49.08M.
-
04
Builder-friendly exits
A 1,150-lot pipeline, released phase by phase, gives homebuilders a multi-year supply in one community. That's a more compelling takedown than a single small phase.
-
05
One community identity
One amenity hub (pool, courts, flex office, podcast studio), one brand and one street network. One master-planned neighborhood, not two subdivisions.
Drag to rotate · tap a phase for details
Tract boundaries plotted from recorded survey bearings (84.83 ac: Price Surveying, June 16, 2025; 212.08 ac: Price Surveying, May 16, 2022). Phase areas, lot layout, terrain and the infrastructure route are illustrative and subject to final engineering and approvals. Surroundings are directional, not to scale.
Chapter 05 The Market
Small-market economics.
Major-market momentum.
Tarleton State University
A university changing the market.
- 27,000+
- 2026 enrollment¹
- 4,600+
- New Texans, Fall 2026
- +12%
- First-time-in-college vs. Fall 2025
Seven consecutive years of record enrollment — students, faculty and staff create recurring annual housing demand.
Institutional investment
$130M EECU Center
148,000 sq ft · 10,000+ concert capacity. A year-round regional event hub expanding the visitor economy.
Community investment
$39.98M ISD Stadium
7,500 seats on 40 acres. Communities do not invest like this when they expect to stand still.
Overlapping sources of housing demand
- StudentsRecurring annual demand
- Faculty & staffRelocation and workforce needs
- Regional jobsA growing service economy
- FamiliesQuality-of-life and school-driven demand
Underwriting assumptions
- Finished 60' lot value$65,000
- Estimated finished home value$350,000
- Lot sales per 250-lot phase$16.25M
- Projected buildout value, per 250-lot phase$87.5M
Per the 212-acre PID analysis draft (Sept 22, 2026). Lot values subject to third-party appraisal; home values per developer.
Market evidence
- 6.3 moHousing supply. Erath County had 6.3 months of single-family inventory and 28 MLS home sales in July 2026.
- +4.0%Population and jobs. Stephenville's population grew 4.0% from 2020 to 2025. Erath County covered employment rose about 2.8% from March 2025 to March 2026.
- PresoldBuilder demand. Phase One lots have been presold to D.R. Horton and local builders, with buyer funds placed in escrow.
- $329K–
$385K Pricing evidence. Two local new-home offerings list at $329,000 and $385,000. The expansion's $65,000 finished-lot value remains an underwriting assumption pending verified sale comparables.
Market figures compiled by Victory Rock Capital, September 2026.
¹ University-wide preliminary enrollment across Stephenville, Fort Worth, Waco, RELLIS and Online.
Chapter 06 Public Financing & Value Creation
Public financing,
in plain English.
Texas lets cities create special districts that finance the roads, water and drainage a new neighborhood needs. The homeowners who benefit repay that cost over time through an annual assessment — so less of it has to come from investor equity.
PID
Public Improvement District
The city creates a district over the property. Each lot carries an assessment that pays for the public infrastructure serving it.
PID Bonds
Repaid by assessments
Bonds are issued against those assessments. Proceeds reimburse the developer for eligible infrastructure it has built.
TIRZ
Tax Increment Reinvestment Zone
A share of the new property-tax value is redirected to the district — here a 35% offset that lowers the homeowner's net rate.
Entitlements
The right to build
Zoning, platting and development agreements. Securing them converts raw land into approved, financeable lots — a key value step.
- 1Investor equity funds land & early infrastructure
- 2City creates the PID and levies assessments
- 3PID bonds are issued
- 4Developer is reimbursed for eligible costs
- 5Homeowners repay through annual assessments
- $43.57M
- Projected net bond proceeds & reimbursements
- $61.36M
- Combined par of bonds
- 2.0 : 1
- Value-to-lien
- $1.25
- Net tax rate equivalent
- 6.25%
- Assumed bond interest rate
Combined figures reflect the original 84.83-acre PID materials plus the 212-acre draft analysis. Public financing does not eliminate execution risk; all PID/TIRZ figures remain subject to city approvals, bond-market conditions, eligible-cost determinations and final assumptions.
Chapter 07 Value-Creation Roadmap
Where the capital goes.
How value is created.
- 01
Acquire
Control both tracts as one 297-acre community.
Land $12.52M - 02
Entitle
Zoning, platting, development agreements, PID creation.
Entitlement $3.61M - 03
Infrastructure
Engineer and build roads, utilities and drainage by phase.
Construction $49.08M - 04
Finance
Issue PID bonds; reimburse eligible public costs.
Bonds $43.57M net - 05
Develop
Deliver finished lots and the community amenity hub.
1,150 lots · 5 phases - 06
Builder / Lot Exits
Sell finished lots to homebuilders phase by phase.
Lot sales $68.30M
Value is expected to step up at each stage: raw land → entitled land → improved, financed lots → sold lots.
Chapter 08 Investment Structure
Exactly where your
capital goes.
- YouInvestor CapitalLimited partner equity · $15M target raise
- The investment vehicleVRC Land Development II, LLCSponsored and managed by Victory Rock Capital
- The projectStephenville Development OpportunityIron Horse Crossing master-planned community
-
84-Acre Site400 lots · Phases 1–2~212-Acre Site750 lots · Phases 3–5
Distribution waterfall (summary)
- Return of capitalInvestor contributions returned first.
- 12% preferred returnPaid to LPs before residual profit sharing.
- 60 / 40 residual splitRemaining profit: 60% LP / 40% GP.
Illustrative summary only. The order, catch-up provisions (if any) and all definitions are governed by the Offering Memorandum and operating agreement.
Chapter 09 Team & Credibility
Why trust this team
with your capital.
Sponsor & Manager · Victory Rock Capital
Daniel Bearden
Founder & Managing Partner
Daniel has spent 25 years building and financing businesses across real estate, energy and private equity, combining institutional underwriting with hands-on leadership from capital formation to execution.
Lead Developer
Dennis Head
Development · Iron Horse Crossing
Co-founded a $500M triple-net portfolio that became NYSE-listed Excel Realty Trust; developed one of the first all-rental home communities at Rayzor Ranch and founded a broker-dealer serving public pensions.
Lead Developer
Dennis Thompson
Development · Iron Horse Crossing
Lead developer with 50 years of U.S. and international experience; helped drive $4.3B in bookings, secured a $335M hospital JV, and closed a $22M, 120-unit Choctaw Nation workforce housing contract.
Public Finance
T. Wilson
Advises developers, builders and landowners on public finance and incentives: feasibility, structuring, municipal negotiation, assessments, bonds and reimbursements. Prepared the PID financing analysis. Farmers Branch, TX
Master Planning
O'Brien Architects
Dallas-based architecture and master-planning firm founded in 1974, reporting 4,500+ completed projects nationwide. Prepared the 84-acre concept site plan.
Civil Engineering
Hanna Surveying & Engineering
Full-service civil engineering and surveying firm serving DFW. Sam Hanna, PE, RPLS, CFM, prepared the engineer's opinion of probable cost. Mansfield, TX
Chapter 10 Next Steps
More than land.
A legacy in the making.
- This presentationConviction
- Investment DiscussionRelationship & questions
- Offering MemorandumDue diligence
- SubscriptionTransaction
A 30-minute conversation with the Victory Rock Capital team. No obligation.
