10% Target Preferred Return, Paid Quarterly. 20–25% Target IRR. 75–85% Projected Write-Off in 2026.

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A 30-minute call — returns, tax treatment, recent close.

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Putting the team's calendar in front of you now — 30 minutes on the thesis, the numbers at your level, and how accredited investors participate.

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Growth story

One park in 2022. Forty today.

The thesis — buy fragmented, operate better, sell institutional — played out over four years and 40 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. Preferred return paid every quarter since inception.

2026 · Today

40 parks · $310M

Project Echo closed at $97M. Next $50M acquisition targeted to close in ~30–60 days — two more parks under contract. On the runway to the institutional exit window.

2027 – 2028

Institutional exit

Target sale: $300–500M portfolio to a public company or PE platform. 2–3× target multiple, 20–25% target IRR.

Why this is real

Five things only we can say

✓Project Echo — $97M — 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 40 parks this weekend and see what you’re looking at. Real dirt, real sites, real K-1s. Not a Wall Street ticker.
✓Distributions are targeted quarterly, with full K-1 reporting — evaluated each quarter by the General Partner.

Run your number

What your number looks like at target.

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.

Investment amount

All numbers assume the fund hits its targets — 10% target pref, 20–25% target IRR, 2–3x target equity multiple, 75–85% projected Year-1 bonus depreciation. Real numbers depend on your tax situation and the actual hold period.

Targeted quarterly distribution

$6,250

10% target preferred return ÷ 4.

Targeted annual preferred return

$25,000

10% of your investment, annually, at target.

Projected Year-1 paper loss (approx.)

~$187,500 – $212,500

75–85% projected via 2026 bonus depreciation. Actual deduction depends on your tax situation — confirm with your CPA.

Targeted total at exit (2–3×)

$500,000 – $750,000

Target equity multiple including return of your principal.

Who's running it

Two GPs. Operator and sponsor in one.

Blue Capital isn't a marketing wrapper around someone else's deal. The same people who underwrite the parks operate them.

John Cascarano

Founder · General Partner

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 M&A, public registrations and capital markets transactions. Former Vistage and Tiger 21 member. Brings the institutional capital relationships behind the exit strategy.

Collectively: 5 major exits · $2B+ in transactions · GPs co-invest alongside LPs.

Why this window

Why now. One exit conversation.

Investors entering between the Feb close and the next $50M acquisition (targeted to close in the next ~30–60 days) participate in the depreciation event from both closes.

Feb 2026 · Closed

Project Echo — $97M

Added 7 resorts across 5 states in a single close. The portfolio's largest transaction to date and the trigger for institutional-scale exit conversations.

Targeted close · ~30–60 days

Next $50M acquisition

Two more parks under contract. At close, AUM is targeted at ~$360M.

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

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 30 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: a projected 75–85% 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?

Treat this as a 2–3 year hold with no redemption right — interests are illiquid and transfers require consent. If a position has to be unwound early, the GP works it case by case, and the 1031 TIC agreement carries its own buyback provision. We'll walk you through exactly what's in the documents on the call.

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 per quarter, $25,000 per year, at target. You sit ahead of the GPs in the waterfall — they earn nothing on profit until your full 10% is paid first.

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

$100K minimum. 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, 20–25% target 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
Target IRR	20–25% targeted over the hold
Equity multiple	2–3x targeted over the hold period
Year-1 tax write-off	75–85% projected via bonus depreciation in 2026
Assets under management	$310M across 40 RV parks
Most recent close	Project Echo — $97M, just closed
Operating arm	Streamside Parks — we operate every park the fund owns
Distributions	Quarterly, with full K-1 reporting

10% target preferred return, paid quarterly. 20–25% target IRR. 75–85% projected first-year write-off.

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