Hiatus Homes Hiatus Capital
Fund
Accredited Investors · Bend, Oregon · 506(c)

Invest in the homes Bend is actually short on.

The Hiatus Capital Fund has put over $8M from 60+ local investors into cottages, ADUs, and small apartment buildings across Central Oregon since 2020. We are opening the same fund to a select group of accredited investors beyond Bend.

Hiatus Capital Fund · Investor OverviewBend · Oregon
4 min overview
Ryan Andrews · Managing Partner
Request the fund overview Watch the 4-minute overview
15 min · No obligation · Direct with the team
$8M+
Invested in local
projects since 2020
60+
Local investors
in the fund
2–8
New projects
funded a year
506(c)
Open to accredited
investors
I.The fundHiatus Capital Fund · est. 2020

A local development fund,
now open beyond Bend.

For five years the Hiatus Capital Fund has let people who live in Bend invest directly in the homes going up around them. The fund buys land and builds small, right-sized housing that Central Oregon is short on, then returns capital to investors through profit splits as each project completes. The model has always run on local money. We are now opening a limited allocation to accredited investors outside the region who want the same real ownership in it.

1.01What you own. A share of real residential projects the fund develops and sellsReal assets
1.02How you are paid. Profit splits as each project completes and sellsProfit split
1.03What the fund builds. Cottages, ADUs, and small apartment buildingsMissing middle
1.04Where. Bend and Central Oregon, in-market and infill sitesBend, OR
1.05Cadence. Two to eight new development opportunities each year2–8 / yr
1.06Access. Rule 506(c), accredited investors, minimum set per offeringAccredited
II.The modelMissing-middle housing

The homes a growing
town keeps running out of.

  • Real, in-demand housing. Cottages, ADUs, and small apartment buildings are the segment Central Oregon is shortest on, so the finished product has real buyers waiting.
  • Small projects, sold on completion. The fund develops two to eight projects a year and returns capital through profit splits as each one finishes, not a decade-long lock-up.
  • Built by the people who live here. Hiatus designs and develops in its own backyard, with 60+ local investors already funding the work.
  • Local capital, institutional discipline. The same grassroots fund, now run for a wider accredited audience by an operator who has managed capital at scale.
III.Track recordSince 2020
$8M+
Invested across
local projects
60+
Investors in
the fund
59
Apartments at
the Penn building
$500M+
Fund Ryan scaled
from $13M in 3 yrs

Since 2020 the Hiatus Capital Fund has raised more than $8M from over 60 investors and put it to work on real projects around Bend, from a 59-unit apartment building to cottage communities and infill homes. Its managing partner, Ryan Andrews, previously grew a real estate debt fund from $13M to over $500M in three years and has run more than 20 funds and syndications.

■ Bend, OR
The Penn
A 59-unit apartment building bringing dense, walkable housing to a close-in Bend neighborhood.
Small apartments · 59 units
■ Bend, OR
Ninth
Nine compact homes paired with ADUs, adding gentle density on a single infill block.
Cottages + ADUs · 9 homes
■ Bend, OR
Roosevelt
An infill cottage project turning an underused lot into right-sized, energy-efficient homes.
Infill cottages
■ Bend, OR
Parrell & Benham
A cottage community of more than 40 homes, one of the fund’s larger missing-middle builds.
Cottage community · 40+ homes
■ Bend, OR
The pipeline
Two to eight new development opportunities come into the fund each year across Central Oregon.
2–8 projects a year
■ Bend, OR
Plans & feasibility
Hiatus also licenses its cottage and ADU designs to developers, deepening the team’s build expertise.
Design + development
Why this fund

You are funding homes a growing town already needs, not a bet on a market that might arrive.

Central Oregon keeps growing, and the housing it is shortest on is exactly what Hiatus builds: cottages, ADUs, and small apartment buildings priced for real people. The fund does not chase distant markets or exotic structures. It buys land in its own town, builds housing there is a line of buyers for, and shares the profit with the people who funded it. For five years that has run almost entirely on local capital. Opening it wider does not change the model, it just lets more accredited investors own a piece of it.

Ryan Andrews
Managing Partner & CFO
Hiatus Capital Fund

“Before Hiatus, I grew a real estate debt fund from $13M to over $500M in three years. I came back to Bend to do something smaller and more useful: build the homes this town is short on, with capital from people who care about it. We are now opening that same fund to a select group of accredited investors who want real ownership in the work.”

Ryan Andrews · 20+ funds and syndications · Bend, Oregon
IV.Request accessAccredited investors only

See the fund overview.

Book a short call and we will walk you through the current pipeline, the profit-split structure, and how a project moves from land to sold. If it is a fit, you will receive the full offering materials to review.

Central Oregon time · 30-minute call
July 2026 ← →
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Tuesday, July 15 · Available times
9:30 AM 11:00 AM 1:30 PM 3:00 PM
  • The current development pipeline and where capital goes next
  • How profit splits and timing work on a completed project
  • What a minimum commitment looks like for this offering
Confirm and request the overview
Ryan Andrews · ryan@hiatushomes.com · Bend, Oregon