Trulo Homes Cottonwood Creek is a 206-unit ground-up build-to-rent community at I-35 & Bagby Avenue in south Waco, Texas — single-family-style duplex rentals with private yards and garages, developed by Red River Development. LV5 Capital is co-investing through an LV5-managed SPV; the final $1M of its allocation remains.
Trulo Homes Cottonwood Creek is located in Waco, TX. The community offers 206 units.
A 206-unit ground-up build-to-rent community in south Waco, Texas — single-family-style duplex rentals with private yards and garages at I-35 and Bagby Avenue, adjacent to Central Texas Market Place and minutes from Baylor University. Total project cost is $55.77M with conservative 65% loan-to-cost construction financing.
Red River Development — a vertically integrated BTR developer-operator under the Trulo Homes brand with $599M AUM and 1,903 homes managed — is the sponsor. LV5 Capital co-invests through an LV5-managed SPV and aggregates accredited investors; LV5 does not solely own or control the project.
The business plan targets a 24.5% IRR, 2.01x equity multiple, and 8.8% cash-on-cash beginning around month 30, after construction (~23 months) and lease-up, over a roughly 43-month hold. These are projections, not guarantees, and ground-up development carries construction risk.
An 8% preferred return then a 90/10 split, a 2% upfront due-diligence fee on the raise, a 0.5% annual fund management fee, and SPV administration costs of $5,000 upfront plus $2,000 per year — disclosed transparently in the offering documents.
Accredited investors only, under Rule 506(c), with a $100,000 minimum. Over 90% of LV5's allocation is committed; the final $1M closes at the end of August / early September 2026.
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