Fourth Avenue Capital Expands Portfolio with Seventh Bend Acquisition, an 87-Unit Newly Built Apartment Community

SEATTLE, Aug. 27, 2026 /PRNewswire/ -- Fourth Avenue Capital (FAC) and Capital Funding Partners (CapFund) announced the acquisition of Steppe Apartments, an 87-unit Class A apartment community in Bend, Oregon. This acquisition expands FAC's portfolio to 31 properties with seven in the Bend market.

Steppe is a newly constructed Class A apartment community completed in 2025. The property consists of thoughtfully designed 1-bedroom and 2-bedroom floor plans.

Steppe is located directly adjacent to St. Charles Medical Center, the largest employer in Central Oregon. The surrounding medical campus and affiliated office space create one of the region's largest concentrations of white-collar employment. Residents can access many of Bend's highest-paying healthcare jobs via the neighborhood trail network, providing a unique live-work advantage.

Unit interiors feature stainless steel appliances, quartz countertops, tile backsplashes, undermount sinks, luxury plank flooring, air conditioning, and in-unit washers and dryers. Community amenities include a leasing office, resident lounge, outdoor courtyard with barbecue area, roll-up garage door, and dog wash station.

"Steppe offers differentiated architectural design and top of market quality in one of the most desirable infill locations in Bend," said Davis Vaughn, Managing Partner at Fourth Avenue Capital. "By selectively acquiring in growing secondary markets at meaningful discounts to replacement cost, we are able to deliver outsized yield to our investors."

Bend is the fastest-growing area in the state and has accounted for approximately 47% of Oregon's population growth since 2020. Deschutes County has grown at roughly five times the statewide rate, with a disproportionate share of growth occurring among higher-income households.

The market has experienced significant expansion in affluent residents, with the number of households earning more than $200,000 annually increasing by over 150% during the past decade. Combined with limited housing supply, strong job growth, and continued in-migration, these trends have supported sustained demand for high-quality rental housing throughout the Bend market.

About Fourth Avenue Capital

Fourth Avenue Capital is a real estate investment, development, and operating company headquartered in Seattle and Spokane, Washington. The firm focuses on middle-market multifamily assets throughout the Pacific Northwest.

FAC has acquired over 2,000 units to date and maintains a development pipeline exceeding 500 units with a projected cost basis of more than $150 million. The firm's existing assets under management total more than $600 million.

Fourth Avenue Capital plans to continue expanding its portfolio through strategic acquisitions, leveraging strong industry relationships and its ability to identify attractive investment opportunities. By aligning investor interests and implementing sustainable operating practices, the company seeks to create lasting value while making a positive impact on the communities it serves.

For more information about Fourth Avenue Capital, please visit www.fourthavecapital.com 

Media Contact:
Fourth Avenue Capital
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www.fourthavecapital.com 

About Capital Funding Partners

Capital Funding Partners (CapFund) is a multifamily investment firm focused on Class A and B acquisitions and preferred equity investments in the Western United States. CapFund is invested in 17 multifamily properties across California, Texas, Colorado, Idaho, Oregon, and Utah, targeting well-located communities near major employment centers, transit, and essential services.

SOURCE Fourth Avenue Capital