§ 02 — Leadership

Long-term operators
building relationships.

Combined Track
$250M
Across acquisitions, ground-up development & urban infill.
Working together
15+yrs
Cross-cycle: Las Vegas, Whitefish, the Mountain West.
Geographic concentration
MT · ID · WY
Western Montana, Central Idaho, Wyoming.

Our founders have been working together for more than fifteen years, on more than $250M of acquisitions, ground-up development, and urban infill across Las Vegas and the Mountain West.

Zach Ware P · 01 — Whitefish, MT
Zach Ware
Founder & Managing Partner
Based Whitefish, Montana & Austin, Texas Direct zw@freehousecapital.com +1 (512) 387·0470
Responsible for Capital Markets, Asset Management, Investor Partnerships, Hospitality Development, and Entitlements.

Zach Ware is the founder and managing partner of Freehouse Capital Partners, a private investment firm focused on developing generational assets in select hard-to-access growth markets of the Upper Rockies.

Zach started at Zappos.com leading product and technology, then moved into real estate, where he led the $60M LEED Gold development of the company's 6.5-acre downtown Las Vegas HQ in the former Las Vegas City Hall. Around the same time, he co-founded Downtown Project with Tony Hsieh, a $500M urban redevelopment group that acquired 41 acres of downtown Las Vegas infill, including several multifamily and mixed-use developments such as The Container Park.

Alongside Downtown Project, he served as managing partner of VTF Capital, an early-stage venture fund with investments in SpaceX, Ring, Asana, and Zipline.

Ware is an active angel investor in health and consumer companies and a competitive hybrid athlete who splits time between Austin, Texas and Northwest Montana. At FCP he leads capital markets, asset management, investor partnerships, hospitality development, and entitlements.

2018 — present
Freehouse Capital Partners
Founder & Managing Partner.
2010 — 2017
VTF Capital
Managing Partner, early-stage VC; SpaceX, Ring, Asana, Zipline.
2010 — 2017
Downtown Project
Co-founded the $500M urban redevelopment group with Tony Hsieh; 41 acres of downtown Las Vegas infill including Zappos HQ.
2008 — 2014
Zappos.com
Led product and technology, then led the $60M LEED Gold Zappos HQ campus development. Overlapped with Downtown Project tenure.
Patrick Olson P · 02 — Denver, CO
Patrick Olson
Co-Founder & Partner
Based Denver, Colorado Direct patrick@freehousecapital.com +1 (406) 545·4158
Responsible for Acquisitions, construction, land development, and workforce housing development.

Patrick Olson is a co-founder and partner at Freehouse Capital Partners, leading acquisitions, construction, land development, and workforce housing across the firm's Upper Rockies markets.

Patrick's real estate experience began at Zappos.com, where he served as Senior Manager of Campus Development for the $60M LEED Gold Zappos HQ, a 6.5-acre adaptive reuse of the former Las Vegas City Hall. He later led the complex entitlements and tax-advantaged structuring of Las Vegas multifamily projects, before becoming VP of Real Estate at Local Bounti, a Montana-based indoor agriculture company.

Earlier in his career, he was portfolio manager at VTF Capital, an early-stage venture fund focused on e-commerce and technology with multiple $1B+ exits. He co-founded two startups and was an early member of Downtown Project, the $500M urban redevelopment effort in downtown Las Vegas.

Outside of work, Patrick can be found traveling, rock climbing, or chasing powder with his wife and twins.

2022 — present
Freehouse Capital Partners
Co-Founder & Partner; acquisitions, construction, and land development.
2018 — 2022
Local Bounti
VP, Real Estate; multi-state development of high-tech indoor agriculture facilities.
2010 — 2018
Zappos & Downtown Project
Senior Manager, Campus Development at Zappos; early staffer at Downtown Project, the $500M urban redevelopment effort in downtown Las Vegas.

Six rules.
One discipline.

The operating discipline our founders apply to construction and capital structure shows up in how we choose deals.

/ P—01

Don't Blow Up

We structure investments to minimize existential risk. Pre-leasing and other coverage keep carrying costs and debt service intact.

/ P—02

Use Leverage Intelligently

Low-to-moderate leverage. Conservative underwriting so in-place cash flows cover debt service through cycles.

/ P—03

Deal by Deal

Internal capital alongside investor partners, structured deal-by-deal. No imperative to deploy.

/ P—04

Long-Term Oriented

Five-plus-year holds. When we sell, we structure reinvestment so investors stay in the market's growth.

/ P—05

Tax-Advantaged

Accelerated losses, return-of-capital events, and 1031 exchanges whenever the structure permits.

/ P—06

Cash Flow First

We avoid assets that depend on a buy-out or repositioning to meet return targets.

Read the strategy in full