Firm
Freehouse Capital Partners develops hospitality, multifamily, and industrial real estate in the smaller towns of the Intermountain West. We are long-term investors in markets where relationships come first and capital alone doesn't win.
These towns are growing faster than their buildings. Employment and quality-of-life tailwinds are pulling people in, supply hasn't kept up, and the institutional capital that would normally close the gap has no presence on the ground. Outcomes are decided locally — by who you know and how long you've been there.
We build for that reality. Patient capital, held deal by deal, with no fund clock forcing a sale. Our founders have worked together for more than a decade, across more than $250M of acquisitions, ground-up development, and urban infill, and we expect to be working in these same towns for decades more.
How We Work
We act as both sponsor and fee developer to institutional investors. We derisk development through long-term partnerships with landowners and market stakeholders, conservative underwriting that covers debt service through a range of conditions, and creative tenant structures that secure demand before we build. We invest our own capital alongside our partners, deal by deal.
Strategies
Industrial Real Estate Development
We develop multi-tenant industrial real estate for large national and regional tenants in emerging, business-friendly markets with strong workforce bases but a lack of vacant large bay industrial. We partner with generational land owners to control development parcels at an advantaged basis, completing horizontal improvements before a user is identified. Partnerships with economic development agencies and state governments give us early access to tenant demand across our markets.
- Single-tenant to multi-tenant industrial conversions
- Class A & B value-add industrial assets
- Build-to-suit and partial-spec development
Multifamily Workforce Housing
We develop high-density workforce multifamily in tertiary markets where demand is durable, supply is constrained, and the math only works on land with an advantaged entry basis. Our local relationships let us assemble sites at a basis outsiders can't reach — the precondition for building efficiently designed product that meets local income profiles while still delivering institutional-quality execution and operations.
Select-Service Hospitality
We develop national-flag select-service hospitality in growing, undersupplied markets where lodging stock is outdated or insufficient. The development sites that work in these markets rarely hit the open market; we source them through long-standing local relationships, then pair straightforward operations and strong brand distribution with locations tied to regional employment and quality-of-life growth.
Land Development
We acquire and entitle large tracts of raw and improved land for industrial, commercial, and multifamily use in markets with strong growth tailwinds but massive land value inflation. Structured partnerships with local landowners and market stakeholders let us control land at a basis and timeline that matches market absorption rates and reasonable development timelines.
Principles
Don't Blow Up
We structure investments to minimize existential risk. On developments we pre-lease before breaking ground, and on acquisitions we underwrite to in-place cash flow, so carrying costs and debt service are covered through the project lifecycle.
Use Leverage Intelligently
We use low-to-moderate leverage. We underwrite conservatively, so in-place cash flows cover debt service through a range of economic conditions.
Deal by Deal
We invest our own capital alongside our investor partners, deal by deal. No blind pool, no imperative to deploy. Large funds carry that pressure. We don't.
Long-Term Oriented
We expect our focus markets to keep growing, so we hold assets for 5+ years. When we sell, we structure reinvestment vehicles so investors stay positioned for the next leg of growth.
Tax-Advantaged
We operate assets to provide tax efficiencies to our LPs, delivering accelerated losses, tax-efficient return-of-capital events, and 1031 exchanges whenever possible.
Cash Flow First
We focus on cash flow. We avoid assets that have to be sold or repositioned to hit return targets.
Deal Targets
Industrial Heartland
- Profile
- Single & multi-tenant, vacant or occupied
- Building type
- Class B & C
- Building sizes
- 70,000+ SF
- Occupancy
- Vacant, partially vacant, or income-producing
- Use
- Heavy and light industrial (warehouse, distribution, manufacturing, flex)
- Construction
- Concrete, masonry, steel frame metal, tilt-up
- Deal size
- $5M+
Upper Rockies
- Profile
- Single & multi-tenant value-add
- Building type
- Class B & C
- Building sizes
- 25,000+ SF
- Occupancy
- Vacant, partially vacant, or income-producing
- Use
- Heavy and light industrial (warehouse, distribution, manufacturing, flex)
- Construction
- Concrete, masonry, steel frame metal, tilt-up
- Deal size
- $3M+
Partner Incentives
We pay a 1% bonus on top of seller-paid commissions for partners who close deals with us, and offer co-investment alongside FCP in deals you bring us — deal by deal, not guaranteed.
Deal Team
Patrick Olson, Co-Founder
patrick@freehousecapital.com
(406) 545-4158