Illustrative aerial rendering · Subject to final design
The community
Two adjacent tracts. One plan.
Heritage Crossing combines two adjacent tracts, 84.83 and ~212 acres, into one 297-acre community with 1,150 planned single-family lots across five phases. It sits south of the Fort Worth & Western Railroad, minutes from Tarleton State University, downtown Stephenville and the South Loop 377 retail corridor. Finished lots are sold to homebuilders phase by phase.
Site A · Original tract
Phases 1–2 (198 + 202 lots). Phase One lots are presold to homebuilders, with buyer funds in escrow.
Acreage
84.83 acres
Units
400 lots
Exit
Lot sales to builders
Site B · Expansion tract
Phases 3–5 (250 lots each). Shares its northern boundary with Site A, so trunk utilities and roads extend south instead of being engineered twice.
Acreage
~212 acres
Units
750 lots
Exit
Lot sales to builders
Amenity hub
Pool, volleyball, pickleball, flex office and podcast studio: one community identity across both tracts. Subject to final design and approvals.
Units
1 hub
Exit
Community amenity
Explore the site
The plan, in detail.
Select a view. Open it for a closer look.
Both tracts relative to the Hwy 67 / South Loop 377 retail corridor.Concept master plan. Preliminary, subject to engineering and approvals.84-acre site plan by O’Brien Architects.Planned amenity hub. Subject to final design.
Why Stephenville
Small-market economics. Major-market momentum.
01
A university changing the market
27,000+2026 enrollment¹
+12%first-time-in-college vs. Fall 2025
Tarleton State University has seven consecutive years of record enrollment. Students, faculty and staff create recurring housing demand every year.
02
Capital is already arriving
$130MEECU Center
$39.98MISD stadium
A $130M EECU Center (148,000 sq ft, 10,000+ concert capacity) and a $39.98M, 7,500-seat ISD stadium. Communities do not invest like this when they expect to stand still.
03
Growth with tight supply
+4.0%population, 2020–2025
6.3 mohousing supply, July 2026
Stephenville’s population grew 4.0% from 2020 to 2025, and Erath County employment rose about 2.8% in the year to March 2026. Single-family inventory stood at 6.3 months in July 2026.
Tarleton State University.$130M EECU Center.
Market figures compiled by Victory Rock Capital, September 2026. ¹ University-wide preliminary enrollment across Stephenville, Fort Worth, Waco, RELLIS and Online.
Project economics
Where the capital goes.
Combined development budget, updated 9/22/2026, before the investor distribution waterfall.
$111.87MProjected inflows
$73.29MProjected outflows
$38.58MProjected net profit
Projected inflows
Finished lot sales
$68.30M
PID bond reimbursements
$43.57M
Projected outflows
Land purchase
$12.52M
Entitlement
$3.61M
Construction
$49.08M
Consulting
$4.08M
Soft costs
$4.00M
Public financing, in plain English
Texas lets cities create Public Improvement Districts (PIDs) that finance the roads, water and drainage a new neighborhood needs. Bonds are issued against annual assessments on each lot, and the proceeds reimburse the developer for eligible infrastructure, so less of that cost has to come from investor equity. All PID/TIRZ figures remain subject to city approvals, bond-market conditions and eligible-cost determinations.
$43.57MProjected net PID bond proceeds
$61.36MCombined bond par
2.0 : 1Value-to-lien
35%TIRZ offset (212-acre draft)
Investment overview
The terms, at a glance.
A summary of the offering. Full terms are set out in the Offering Memorandum and subscription documents.
1Return of capitalInvestor contributions returned first
212% preferred returnPaid to investors before any profit split
55% LP / 45% GP after return of capital and preferred return
Investment vehicle
VRC Land Development II, LLC
Minimum investment
$250,000
Distributions
As defined in the Offering Memorandum
Tax reporting
Annual Schedule K-1
Eligible investors
Accredited investors only
Returns, multiples, budgets and timelines are targets only and are not guaranteed. Final terms are governed by the Offering Memorandum and subscription documents.
Project progress
What's done, and what comes next.
Stephenville, TX · Heritage Crossing
Progress as of September 22, 2026
Completed4
June 16, 2025Boundary survey, 84.83-acre tract
Fixes the exact boundary that the site plan, engineering and financing are all built on.
Aug 26, 2026Engineer’s opinion of probable cost
An independent estimate for roads, utilities and drainage, the largest cost in the project.
Aug 31 & Sept 22, 2026PID financing analyses, both tracts
Sizes how much infrastructure public bonds can reimburse, so less of it has to come from investor equity.
Sept 2026Concept site plan and expansion budget
Sets the lot count, phasing and budget that the projected returns depend on.
In Progress2
UnderwayInvestor terms and offering documents
Defines the capital requirement, timing, ownership and distribution waterfall before anyone commits.
Subject to city approvalsPID creation, TIRZ amendment and entitlements
City approval unlocks bond financing and the right to build the community as planned.
Next2
Equity raise closes
Funds land acquisition and early infrastructure.
Land acquisition
Secures all 297 acres at today’s land basis.
Future3
Phases 1–2 construction, 400 lots
The first finished lots delivered to homebuilders.
Phases 3–5 construction, 750 lots
Repeats the model on the expansion tract, with bonds issued by improvement area.
Target horizon ~3 yearsLot sales, PID reimbursements and distributions
Capital returns to investors as each phase is sold and reimbursed.
