Utah 2026 · Fund I

Building Utah's next generation of communities.

Obsidian Capital partners with Utah's most capable local developers to fund high-conviction, ground-up real estate projects — delivering institutional-grade returns to accredited investors.

26–30%
Target Annualized Return
1.45–1.50x
Target Equity Multiple
$3.5M
Fund Size
18–24 Months
Target Timeline
12%
Preferred Return
Request Information View Investment Thesis →
Investment Thesis

A disciplined approach
to Utah's growth potential

Obsidian Capital Real Estate Development Fund is a targeted investment vehicle designed to capitalize on Utah's dynamic real estate market by partnering with proven local developers to fund high-potential ground-up and value-add projects.

Leveraging our founders' combined decade-plus of experience as realtors and developers, the fund focuses on multifamily, mixed-use, and commercial developments in high-growth corridors — Salt Lake City, Provo-Orem, and Park City.

By co-investing in select projects with established partners, we target 26–30% IRR net to investors, while mitigating downside through rigorous due diligence, diversified portfolios, and hands-on project oversight.



This presentation is for accredited investors only. Past performance does not guarantee future results. Please review the Fund's Memorandum before making any investment decision.

Exclusive Deal Flow
Off-market access to Utah's top developers through a decade of relationships. We screen 50+ projects per year — only 2–4 make the cut.
Co-GP Alignment
Developers maintain 20%+ skin-in-game. Obsidian funds 20–50% equity/mezz with milestone-tied capital calls and shared upside and downside.
Hands-On Value Creation
We actively accelerate entitlements, optimize design for value, and lock senior debt at close. We create the IRR — not just model it.
Investor-First Economics
0% management fee. 12% preferred return. 50/50 split up to 24% total hurdle. Clean tiered waterfall with no catch-up provisions.
Market Opportunity

The perfect storm
for disciplined capital

235K
Home deficit by 2055
2.3%
Annual job growth (2025)
9,500
Annual homes underbuilt
72%
Of needed supply on pace

Utah is facing a structural housing shortage decades in the making. With 235,000 fewer homes than needed by 2055 and demand fueled by Silicon Slopes migration from high-cost states, the supply-demand gap isn't a cycle — it's a foundation.

Rising inventory has cooled buyer frenzy and lowered land costs. This is precisely when Utah's best developers are sitting on their strongest, pre-vetted projects — waiting for fast, flexible capital.

We strike here, acquiring and building at lower basis, faster timelines, and higher margins — before the market catches up.

Utah Housing Demand vs. Permits Issued
Estimated demand
Permits issued
Leadership

Founders who've
done this before

Kyle Tucker
Kyle Tucker
Founder & Managing Partner

With over a decade of experience and personal ownership in 370+ doors nationwide, Kyle has built a disciplined, data-driven approach to real estate investing through firsthand execution.

His background in analytics and operations has supported more than $145 million in transactions over the past five years and the oversight of 100+ new-development projects. He co-founded Obsidian Capital to give families access to professionally underwritten real estate opportunities.

370+
Doors Owned
$145M+
Transactions
100+
Dev Projects
Caleb Van Dyke
Caleb Van Dyke
Founder & Managing Partner

With 12 years of hands-on experience in new-construction development at one of Utah's largest homebuilders, Caleb has helped deliver hundreds of residential units across the Wasatch Front.

As a licensed real estate broker, Caleb has represented over $125 million in new-construction transactions and is a recognized dealmaker within Utah's development community. He combines institutional-grade execution with entrepreneurial speed and precision.

12 yrs
Development
$125M+
Transactions
100s
Units Delivered

"We invest where people dream of living — and build what they'll never want to leave."

Obsidian Capital · Fund I
Invest With Us

Ready to build
something lasting?

The offering period for Fund I closes December 2026. Minimum commitment is $100,000 for accredited investors.

This offering is available to accredited investors only as defined under Rule 501(a) of the U.S. Securities Act of 1933.

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Or email kyle@investwithobsidian.com directly.
Minimum Investment
$100,000
Fund Close
December 2026
Target Return
26–30% annualized
Fund Term
18–24 months + extensions