10% Annual Pref · Paid in Quarterly Distributions. 20%+ Projected IRR. ~80% Bonus Depreciation in 2026.

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You meet the criteria for the RV Park Fund. Putting the team's calendar in front of you now — grab 10 minutes to go deep on the thesis, the numbers at your level, and how to get in before the next close.

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Growth story

One park in 2022. Thirty-seven today.

The thesis — buy fragmented, operate better, sell institutional — played out over four years and 37 acquisitions. Here’s where we’ve been, where we are, and what comes next.

2022

1 park

The first acquisition. Test the thesis: buy mom-and-pop at 8–10 cap, operate better, see what happens.

2024

23 parks · $80M

Roll-up working. Streamside Parks in-house operating arm grows to 250 employees. 9 of 9 quarters paid.

2026 · Today

37 parks · $250M

Project Echo closed at $111M. Next $50M acquisition closing in ~30–60 days — two more parks added to the portfolio. On the runway to the institutional exit window.

2027 – 2028

Institutional exit

Target sale: $300–500M portfolio to a public co or PE platform. 2–3× multiple, mid-20s IRR.

Why this is real

Five things only we can say

✓Project Echo — $111M — just closed. The portfolio is now large enough for public institutions, which puts us on the runway to a strategic exit.
✓We don’t underwrite a deal we wouldn’t stay at as a guest. Streamside Parks operates every park the fund owns — we’re the operator AND the sponsor, not a marketing wrapper around someone else’s deal.
✓The 10% annual preferred return is paid before management gets a dollar. Pref first, then we eat. No carried interest before you’re whole.
✓You can drive to any of our 37 parks this weekend and see what you’re looking at. Real dirt, real sites, real K-1s. Not a Wall Street ticker.
✓Distributions hit your account every 90 days, paid quarterly — regardless of what the S&P did that week. Real estate doesn’t ask for permission to pay you.

Run your real number

What your check returns.

Investment amount

All numbers below assume the fund hits its targets — 10% annual pref, 20%+ projected IRR, 2–3x equity multiple, ~80% Year-1 bonus depreciation. Real numbers depend on your tax situation and the actual hold period.

Your check, every quarter

$6,250

10% annual preferred return ÷ 4. Paid before management.

Annual preferred return

$25,000

10% of your investment. Year 1, year 2, year 3, every year.

Year-1 paper loss (approx.)

~$200,000

Up to ~80% via 2026 bonus depreciation. Actual deduction depends on your tax situation — confirm with your CPA.

Targeted total at hold (2–3x)

$500,000 – $750,000

Equity multiple including return of your principal.

Projections, not guarantees. Targets are model assumptions; actual results vary. Bonus depreciation eligibility depends on your individual tax situation. Consult your CPA. Nothing on this page is an offer of securities.

Who's running it

Three GPs. Five exits between them.

Blue Capital isn't a marketing wrapper around someone else's deal. The same people who underwrite the parks operate them — and have already taken five companies through to institutional exit.

John Cascarano

Founder · CEO

CRE attorney at an AmLaw 100 firm before founding Blue Metric Group and Streamside Parks — the in-house operating arm with ~250 employees that runs every park the fund owns.

Rich Turasky

Principal · Capital Markets

30+ years in investment — $2B+ in closed transactions. Vistage and Tiger 21 member. Brings the institutional capital relationships that put us on the runway to a strategic exit.

Erik Fordyce

Principal · Finance & Underwriting

20+ years in corporate finance and PE. Former Vice President at GE Capital and MUFG. Built the underwriting model the fund uses to buy at 8–10 caps and operate at 14–15% cash-on-cash.

Collectively: 5 prior roll-up exits · helped take 6 companies public · GPs co-invest alongside LPs.

Why this window

Two closes. One exit conversation.

Investors entering between the Feb close and the next $50M acquisition (closing in the next ~30–60 days) participate in the depreciation event from both closes — and join the portfolio at the inflection point where institutional buyers start showing up.

Feb 2026 · Closed

Project Echo — $111M

Added 7 resorts and 4,300+ sites in a single close. The portfolio's largest transaction to date and the trigger for institutional-scale exit conversations.

Closing · ~30–60 days

Next $50M acquisition

Two more parks added to the portfolio. When it closes, AUM hits ~$300M — the lower bound of our institutional exit target.

Q4 2025 · Declined

6.5-cap unsolicited offer

A public company offered to acquire the portfolio at a 6.5 cap. We declined — the portfolio wasn't there yet. Now it is.

Active institutional buyer conversations underway · targeted exit window 2027–2028 · $300–500M sale target.

Before the call

Questions investors ask first.

Ranked by ask-frequency across hundreds of investor conversations. The portal, the tax line, the 1031 path, the exit. The basics, before we sit down for 10 minutes.

Asked 135× · most-asked question What is the investor portal — where does this live?

Everything sits at bluecapital.invportal.com, administered by Sponsor Cloud — a third-party fund administrator running thousands of private placements at institutional grade. You complete accreditation verification, sign the PPM and subscription docs, set ACH for distributions, and track quarterly statements, K-1s, and distribution history all in one place. It works the way a brokerage account works, for an alternative.

Operator · the moat Who actually operates the parks? What makes Blue Capital different from a typical syndicator?

Streamside Parks — our in-house operating arm with ~250 employees — runs every park the fund owns. We're the operator AND the sponsor, not a marketing wrapper around someone else's deal. That's the moat: most RV syndicators raise capital and hand the keys to a third-party operator. We acquired the operator first. Same hand that underwrites the deal manages it. Same incentive structure top to bottom.

Asked 36× · tax mechanics What are the tax benefits?

Bonus depreciation via cost segregation. A licensed third-party engineering firm analyzes every park we acquire and identifies the components eligible for accelerated year-one depreciation under 2026 bonus rules. Typical result: ~80% of purchase price written off in year one. That paper loss flows to you on Schedule K-1, Box 2 (net rental real estate income). Quarterly cash distributions accrue separately and stack on top.

Asked 36× · W-2 question Can I use the loss against W-2 income?

The loss is passive — it offsets passive income (rental income, real estate capital gains, distributions from other passive investments). It does not directly offset W-2 wages unless you or your spouse qualifies as a Real Estate Professional under IRS rules (750+ hours and >50% of working time in real estate). Unused passive losses carry forward indefinitely. We'll send a sample K-1 so your CPA can model it against your specific situation before you commit.

Liquidity · early exit What if I need to exit before the institutional sale?

You can request an early exit with approximately 30 days notice and no penalty. Investors are typically able to liquidate their position back to the fund at the prevailing per-unit valuation. The expectation is you hold through the 2–3 year institutional exit window because that's where the equity multiple lives — but if life happens, you're not locked in.

Returns · distributions How and when does the 10% pref get paid?

The 10% pref is the annual preferred return on your full principal, accruing daily and paid in quarterly distributions — four payments per year, ~2.5% each. On a $250K position that's roughly $6,250 every 90 days, $25,000 per year. You sit ahead of the GPs in the waterfall — they earn nothing on profit until your full 10% is paid first. Track record: 9 of 9 quarters paid since fund inception.

Structure · minimums What's the minimum and what counts as accredited?

$100K cash · $250K for 1031 exchange. Accredited means you meet at least one of: $200K+ individual income (or $300K+ joint) for two consecutive years with the same expected in the current year, $1M+ net worth excluding primary residence, or you hold an active Series 7, 65, or 82 license. Verification happens during onboarding via a licensed third-party reviewer — you don't share documents with us directly.

Exit · timeline What's the exit timeline and target multiple?

Target hold is 2–3 years. We aggregate the portfolio toward $300–500M AUM — the threshold where institutional buyers (public REITs, large PE platforms) will transact at compressed cap rates. Targets at exit: 2–3× equity multiple on principal, mid-20s IRR net of fees. Cash-out refinance is the fallback if the institutional bid isn't there. Past performance and target returns are not guarantees.

Preferred return	10% annual — paid quarterly, before management gets a dollar
Projected IRR	20%+ projected over the hold
Equity multiple	2–3x targeted over the hold period
Year-1 tax write-off	Up to ~80% via bonus depreciation in 2026
Assets under management	$250M across 37 RV parks in 16 states
Most recent close	Project Echo — $111M, just closed
Operating arm	Streamside Parks — we operate every park the fund owns
Distributions	Quarterly, with full K-1 reporting