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 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.