The People
JESSE RUSSELL
FOUNDER AND CHIEF-EXECUTIVE OFFICER OF HIATUS HOMES
MANAGING PARTNER OF THE HIATUS CAPITAL FUND
Jesse is the founder of Hiatus Homes—a Bend, Oregon-based company known for high-quality, ecologically sound, and intelligently designed home construction. The small footprint of these homes help create urban density and provide more housing inventory during a time of national housing shortages. He is considered a thought leader in the design and development of small spaces and communities, and is an advocate for people living in smaller, more efficient, net-zero homes.
Jesse grew up in Bend, Oregon, and, after a stint traveling around the world and working in New York and Los Angeles as a television producer, returned to his hometown in 2015 and started building his first tiny house in a friend’s backyard. That early prototype debuted at the Bend Design Conference the same year, garnering media attention and lines around the block for a tour. Jesse went on to experiment with designs for various small structures, including a tiny tavern on wheels, two mini-pubs for 10 Barrel Brewing Co, and a food truck at Brasada Ranch. He has been devoted to the small-home movement ever since.
In 2019, Hiatus Homes pioneered the first community of small-scale homes in the city, called Hiatus Benham. It was inspired by Washington architect Ross Chapin’s concept of “pocket neighborhoods” and Bend’s need for efficient, sustainable, high-quality housing. The development required years of close work with the city in order to permit this new style of housing. “Building that first development was the most challenging thing I’d ever done, but all the support I felt from city staff, investors, and homeowners has made it the best life experience I’ve ever had,” recalls Jesse.
Now, Jesse brings more than 20 years of experience in executive-level leadership, project management, construction, and land development as CEO of Hiatus Homes and managing partner of the Hiatus Capital Fund. Every Hiatus development is guided by the same principles embodied by Jesse’s first house build: employing smart design, using high-quality materials, reducing utility consumption, and with an eye toward creating community.
The proud father of two daughters, Jesse is an avid snowboarder in the winter, wake surfer in the summer, and connoisseur of Pacific Northwest craft beers.
RYAN ANDREWS
CHIEF FINANCIAL OFFICER OF HIATUS HOMES
MANAGING PARTNER OF THE HIATUS CAPITAL FUND
Ryan is the chief financial officer of Hiatus Homes and the Hiatus Capital Fund. Ryan has managed 8 investment funds across real estate debt, equity, and venture capital, specializing in capitalizing construction and development. In concert with Hiatus Homes’ goal of providing housing to a new type of buyer, Ryan aimed to provide local investors with access and opportunities to invest in development projects in their own community. He structured the Hiatus Capital Fund to be owned and funded primarily by local investors who live in Bend, Oregon. When a project is financially successful, the profits flow back to the people who have invested into the local community instead of out-of-the area professional investors.
Ryan grew up in Orange County, California, and attended the business school at Cal Poly San Luis Obispo, where he earned a bachelor’s in finance concentrating in sustainable real estate development. Ryan worked in Pacific Investment Management Company’s (PIMCO) institutional investment division and later became an early employee at CrowdStreet, a fintech startup that pioneered online real estate syndications.
In 2014, Ryan became a principal and head of capital markets at Trueline Capital, a boutique construction debt fund focused on financing infill residential projects. He was involved in capitalizing over 100 development projects. In 2018, Ryan launched the Recession Resistant Fund, where he invested in over 50 mobile home parks, apartment buildings, and self-storage facilities across 13 states. The fund generated an 8.8% annualized yield to investors through Q2 2022.
Between 2019 and 2022, Ryan was the portfolio manager for the Phoenix Real Estate Debt Fund, a subsidiary of Tel Aviv-based Phoenix Insurance. The portfolio specialized in holding syndicated multifamily construction debt. Ryan oversaw the growth and investment of the fund as it grew from $13 million to over $500 million in assets in three years.
Ryan and Jesse partnered in 2020 to create the Hiatus Capital Fund. The goal was to connect local investors with a series of local development projects that would focus on density, energy efficiency, and small-footprint modern design. By 2022, the Hiatus Capital Fund included 50 investors, four development projects totaling 110 homes, and over $5.5 million in equity capital. Three-quarters of the fund’s investors are local to Bend, Oregon, and active stakeholders in the community.
RECOGNITIONS AND AWARDS
