#United States #Bend #Fourth Avenue Capital #Steppe Apartments #Capital Funding Partners

Fourth Avenue Capital Expands with Seventh Bend Acquisition

In a strategic move designed to broaden its real estate portfolio, Fourth Avenue Capital (FAC) has successfully acquired Steppe Apartments, a newly constructed 87-unit apartment community located in the highly sought-after area of Bend, Oregon. This latest acquisition marks a significant addition to FAC's assets, elevating their portfolio to a total of 31 properties, with seven situated in the Bend market alone.

A Prime Location

Completed in early 2025, Steppe Apartments boasts Class A designations featuring well-thought-out community layouts tailored to meet contemporary living standards. Its prime location adjacent to St. Charles Medical Center—Central Oregon’s largest employer—provides residents advantageous access to considerable employment opportunities within the healthcare sector. The community is strategically positioned among a vibrant neighborhood loaded with premium office spaces and healthcare services, which enhances its attractiveness for potential tenants.

Residents will enjoy modern amenities designed for comfort and convenience. Steppe Apartments offer 1-bedroom and 2-bedroom floor plans equipped with high-quality finishes including stainless steel appliances, quartz countertops, and a stylish tile backsplash. Each unit is also outfitted with luxury plank flooring, air conditioning, and in-unit washers and dryers, catering to the demands of today’s renter.

Community Amenities

In addition to comfortable residential spaces, Steppe Apartments feature a range of community amenities designed to enhance the living experience. These include:

• - A leasing office
• - A welcoming resident lounge
• - An outdoor courtyard complete with a barbecue area
• - A roll-up garage door facility
• - A dedicated dog wash station for pet owners

Davis Vaughn, Managing Partner at Fourth Avenue Capital, shared insights on the strategic acquisition: "Steppe offers a differentiated architectural design and stands out with top-of-market quality in one of Bend's most desirable locations. By making targeted acquisitions in fast-growing secondary markets at attractive prices relative to replacement cost, we can provide substantial yield for our investors."

Market Insights

Bend, recognized as one of the fastest-expanding regions in Oregon, has accounted for nearly 47% of the state’s population growth since 2020. Deschutes County's growth is impressive, occurring at an approximate rate of five times that of the statewide average, with a notable increase of higher-income households, specifically those earning over $200,000 annually, which rose by over 150% in the past decade.

This burgeoning market, marked by limited housing availability coupled with robust job growth and sustained in-migration, has cultivated a strong demand for high-quality rental properties throughout the Bend area.

Overview of Fourth Avenue Capital

Fourth Avenue Capital is a well-established real estate investment, development, and management firm headquartered in Seattle and Spokane, Washington. With a dedicated focus on middle-market multifamily properties in the Pacific Northwest, the firm has successfully acquired over 2,000 units, spanning a development pipeline of more than 500 units with an aggregate projected cost of over $150 million. Their current assets under management exceed $600 million.

As the company seeks to expand its reach through strategic acquisitions, Fourth Avenue Capital is committed to harnessing strong industry relationships and uncovering attractive investment opportunities. By aligning the interests of their investors and implementing sustainable operations, the firm aims to enhance value while positively impacting the communities it serves.

For further information on Fourth Avenue Capital and their diverse investment strategies, you can visit www.fourthavecapital.com.

About Capital Funding Partners

Capital Funding Partners (CapFund) is a multifamily investment firm dedicated to the acquisition of Class A and B properties along with preferred equity investments across the Western United States. With operational holdings in 17 multifamily properties spanning areas such as California, Texas, Colorado, Idaho, Oregon, and Utah, CapFund focuses on well-located communities that are in close proximity to major employment hubs, transit options, and essential services.