SEATTLE, WA – Fourth Avenue Capital and Capital Funding Partners 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 make 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.

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FRISCO, CO – The NHP Foundation (NHPF), a leading national mission-based affordable housing developer, announced the successful financial closing of The Bella, a new 52-unit affordable housing community in Frisco, Colorado. The development represents NHPF’s first Low-Income Housing Tax Credit (LIHTC) project in Colorado and its second affordable housing community in Frisco, following The Scout, opening in September.
Located just blocks from The Scout, The Bella will provide high-quality affordable homes for low- and moderate-income individuals and families in one of Colorado’s most expensive mountain communities, where housing costs continue to challenge the local workforce and longtime residents.
The new construction community will include studio, one-bedroom and two-bedroom apartments serving households at 30%, 60% and 80% of Area Median Incomes (AMIs), with an average affordability of 60% AMI across the development. LIHTC rents are set each year based on the Area Median Income, which is published by SCHA.
“The closing represents another significant milestone in NHPF’s expanding presence in Colorado,” said Eric W. Price, President & CEO, NHPF. “Together, The Bella and nearby The Scout demonstrate how innovative state financing, strong municipal partnerships and mission-driven development can help address the affordable housing shortage facing mountain resort communities.”
The Bella will follow the federally regulated LIHTC compliance lease-up process, including income qualification based on the AMI level designated for each apartment.
“Projects like The Bella demonstrate what is possible when local, state and private partners come together around a shared commitment to housing affordability,” stated Frisco Mayor Rick Ihnken. “Frisco is a community where people should be able to live, work and place down roots, and making more attainable housing is essential to maintaining the strength and character of our community. We are proud to help bring 52 new affordable homes to Frisco and grateful to NHPF and our state partners for their collaboration in making this project a reality.”
The project was made possible through a strong public-private partnership with the Town of Frisco, whose long-term commitment to housing affordability was instrumental in bringing the development to fruition. In addition to serving as a special limited partner in the transaction, the Town contributed approximately $4.9 million in soft financing, provided a property tax abatement, secured a State of Colorado Proposition 123 Land Banking grant, facilitated two state infrastructure grants awarded by Colorado’s Department of Local Affairs, and committed funding to buy a small commercial space within the development upon completion.
“At the heart of DOLA’s mission is a simple, powerful promise: to ensure that the people who build our communities can afford to live in them. Projects like The Bella go beyond brick and mortar; they represent the State’s commitment to keeping Colorado’s families and local workers rooted in the towns where they work, live, and thrive—ensuring the stability and dignity every Coloradan deserves,” said Tyler Jaeckel, Director of the Colorado Department of Local Affairs’ Division of Housing.
The financing package for The Bella includes 9% Federal Low-Income Housing Tax Credits, Colorado State Low-Income Housing Tax Credits, construction financing from U.S. Bank, permanent financing from Cedar Rapids Bank & Trust, and grants from the Colorado Division of Housing.
“We are thrilled to support the future residents of The Bella by providing Proposition 123 Land Banking funds that helped secure this location for 54 new housing options. This initiative and the milestone being celebrated today showcase the shared commitment between local, regional and state partners to make more housing now, so Coloradans can live in communities they like and close to their jobs,” said Eve Lieberman, OEDIT Executive Director.
The Bella will offer modern, energy-efficient homes designed to serve working families, local employees and residents whose incomes have been increasingly squeezed by the region’s rapidly rising housing costs. Demolition started on August 25th and completion is anticipated in November 2027.
The project also reflects NHPF’s continued focus on developing high-quality affordable housing in markets where the gap between wages and housing costs threatens the long-term vitality of local communities.

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ATHENS, GA – CP Capital, a leading U.S. real estate manager specializing in multifamily investments, announced the acquisition of Ascent Athens, a 200-unit, Class A garden-style multifamily community located in Athens, Georgia, currently operating at 95% occupancy. The acquisition reflects CP Capital s strategy of turning insights into opportunities, which includes selective ground-up development allocations and the targeting of best-in-class multifamily assets at a discount to replacement cost in supply-constrained, demand-resilient submarkets.
The community is anchored by the University of Georgia, a 43,000-student institution with 11,500 faculty and staff that generates $8.4 billion in annual economic impact for the state, providing a degree of fiscal stability and durable demand. The investment also benefits from a diversifying local employment base and near-term supply constraints. Developed by Westplan in 2020, the fully-amenitized property offers residents a pool, fitness center, clubhouse, and business center.
Ascent Athens represents exactly the kind of opportunity we look for: the highest quality multifamily asset in the submarket, with no like-and-kind competition. The surrounding product consists predominantly of broke townhomes and older vintage, non-institutional multifamily with deferred maintenance and inferior finishes. As a newly built Class A community, Ascent is in a category of its own, giving it significant pricing power and the ability to attract the submarket’s most creditworthy renters. This lack of direct competition insulates the asset from heavy competitive pressure and supports rent growth assumptions throughout the hold, says Jay Remillard, Executive Managing Director at CP Capital. This acquisition allows us to enter a stable market at a compelling basis while positioning the property for meaningful value creation over our hold period.
CP Capital and its equity partners will season the asset into an institutionally managed, proven income-producing property positioned for a clean exit in the coming years. The investment also demonstrates the firm s dedication to tailoring its strategies to current market cycles. Distressed inventory is growing. Maturing loans and broke partnerships are making opportunities to buy high-quality assets below replacement cost, with equity built into the basis from day one, said Paul Doocy, Senior Managing Director at CP Capital.
The acquisition of Ascent Athens underscores our team s highly effective approach to multifamily investing. We re building a portfolio of well-located assets in supply-constrained markets with steady long-term fundamentals, all based on disciplined underwriting and strong conviction.

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