What HSR Capital does

HSR Capital, LLC is a privately held, vertically integrated real estate investment, development, and construction company headquartered in Vancouver, Washington. Founded in 2018 by Andy Swanson, the firm operates through three coordinated entities: HSR Capital, LLC as the investment vehicle, HSR Development, LLC as the development arm focused on single-family residential subdivisions, and Hearthstone Homes as the construction affiliate. The full-lifecycle model covers land acquisition, entitlement processing, project and construction management, underwriting, and either bulk lot sales to builders or vertical construction and home sales to end buyers through Hearthstone Homes. The company also runs an investor-facing portal on InvestNext for capital formation from high-net-worth individuals and institutions.

The customer base is intentionally diversified across three segments: individual and institutional investors (capital partners into development projects), custom and production home builders (bulk purchasers of finished, entitled lots), and end-use home buyers (single-family and townhome purchasers). Active development projects include Paradise Pointe (296 homesites), Camas Woods (~400 units), Northshore Village (250+ units), Mill Creek Terrace (110 cottages), The Enclave (9 luxury homes), and RAA Garden Grove (19 homes), all concentrated in Clark County, Washington. Pricing for finished homes at Heritage Meadows starts around $439,000; specific investor minimums and project-level economics are not publicly disclosed.

The business generates revenue through three one-time transaction streams: the margin between land acquisition/development costs and finished-lot sale prices, the margin on spec and custom homes built and sold through Hearthstone Homes, and capital commitments from investors into development projects. Distribution is relationship-driven and regional: direct investor outreach led by Karson Jones has produced $50M+ in assets under management, while land and home sales flow through direct channels in the Pacific Northwest. The senior team — including former CEO Steve Rementeria, former Nautilus (NYSE:NLS) Chief Accounting Officer Sarah Jones, and 30-year valuation veteran Steven Waugh — provides public-company finance and underwriting discipline uncommon at a firm of this size.

Name

HSR Capital

Legal name

HSR Capital, LLC

Website

https://hsr-capital.com

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

1–10 employees

Short description

HSR Capital is a privately held, vertically integrated real estate investment, development, and construction company in Vancouver, Washington, that acquires land, entitles and builds residential subdivisions, and serves investors, home builders, and end buyers across Clark County, Washington.

Ownership category

akta.pro rank

Headquarters

HQ city

Vancouver

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Supply Chain, Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Land Development and Lot Sales: HSR Capital acquires raw land, navigates entitlements and permitting, develops the land, and sells finished lots to homebuilders or individual buyers. Revenue is generated through the margin between acquisition/development costs and sale prices.
2. Home Construction and Sales: Through its affiliate Hearthstone Homes, HSR constructs single-family homes and townhomes on developed lots and sells them to end buyers. This includes speculative (spec) builds and custom home construction.
3. Investment Partnerships: HSR Capital offers investment opportunities to individuals and institutions, providing passive income opportunities through real estate development projects. Investors contribute capital in exchange for returns on completed developments.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

HSR Capital is a diversified real estate investment, development, and construction company that acquires raw land, navigates entitlements, develops subdivisions, and sells finished lots or homes. Through affiliated entity Hearthstone Homes, the company also constructs spec and custom single-family homes and townhomes. It offers passive real estate investment opportunities to individual and institutional investors through dedicated investor relations and an online investor portal.

Product overview

HSR Capital is a diversified real estate investment, development and construction company operating as a unified real estate platform. The company encompasses HSR Capital, LLC (the parent investment entity), HSR Development, LLC (the development arm focused on residential subdivisions), and Hearthstone Homes (the construction affiliate that builds homes for their projects). Their core offering centers on developing single-family residential subdivision projects from land acquisition through entitlement, construction, and sellout as finished lots or homes. Current active developments include Paradise Pointe (296 homesites), Camas Woods (400 units), Northshore Village (250+ units), Mill Creek Terrace (110 cottages), The Enclave (9 luxury homes), Garden Grove (19 homes), and Prairie Glen. The company also maintains an Investor Portal for investor relations and manages completed projects including Harris Town Village, 119th Cottages, Heritage Meadows, and the Ridgefield Storage facility.

Differentiator

Problem solved

Functional benefit

Brands

• Hearthstone Homes: An affiliate of HSR Capital that constructs homes. Homes at The Enclave are built by Hearthstone Homes, and Harris Town Village homes were constructed under the Hearthstone Homes umbrella.

Products and services

• HSR Development The real estate development arm of HSR Capital, focused on single-family residential subdivision projects from land acquisition to entitlements, construction, and ultimate sellout as finished lots or homes.
• Hearthstone Homes An affiliate of HSR Capital that constructs homes for the company's development projects, including spec builds and custom home construction such as the 31 custom spec townhomes at The Village at Camas Meadows.
• Paradise Pointe A flagship residential subdivision project with 296 remaining homesites, a new city park, and vehicle bridge, on track for completion by end of 2025.
• Camas Woods A 46-acre master-planned development adjacent to Camas High School featuring nearly 400 residential units including apartments, townhomes, single-family homes, and commercial space.
• Northshore Village A premier 40+ acre master-planned development north of Lacamas Lake featuring over 250 units including apartments, townhomes, single-family homes, and commercial space, with groundbreaking anticipated in 2026.
• Mill Creek Terrace A 110-cottage community with land development on track to be completed by end of 2025, featuring rolling topography and greenbelts.
• The Enclave An exclusive subdivision with nine private luxury homes currently under construction with land development completion by end of 2025 and first deliveries in 2026.
• RAA Garden Grove A cottage community development with 19 homes planned, currently under construction with first home deliveries expected in early 2026.
• Harris Town Village A townhome development project acquired through a distressed sale, completed by HSR through full engineering work and land development under Hearthstone Homes.
• Ridgefield Storage A ground-up self-storage facility development project completed by HSR in partnership with NSA, sold for $11,000,000 after two years of ownership.
• Investor Portal An online portal for investors to access their investment information, evaluate new real estate development opportunities, and track performance of HSR Capital's offerings.

Quantifiable outcome

• Completed 57-cottage affordable housing community at 119th Cottages in Clark County
• +3 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Two partnerships are on record, tiered core and minor.

• Hearthstone HomescoreStrategic or Co-development PartnerHearthstone Homes is an affiliate of HSR Capital that handles home construction for the company's development projects. Homes at The Enclave are built by Hearthstone Homes, and Harris Town Village was constructed as spec builds under this affiliate. Hearthstone Homes completed 31 custom spec townhomes at The Village at Camas Meadows.
• NSA (National Storage Affiliate)minorStrategic or Co-development PartnerNSA is a national storage affiliate that partnered with HSR Capital on the 179th Street Storage ground-up development project. The partnership enabled HSR to develop a self-storage facility in collaboration with an established national brand.

Scale indicators3 records

Recent moves6 records

Expansion highlights5 records

Emerging players

• CrowdStreet: Online real estate investment platform offering individual investors access to private real estate deals — directly comparable to HSR's investor portal and Karson Jones-led capital-raising motion for development projects.
• Fundrise: Real estate investment platform pooling individual investor capital into development and income-producing real estate — analogous to HSR's investor partnership model where outside investors co-invest into specific development projects.

Direct peers

• Pahlisch Homes: Pacific Northwest regional homebuilder (Bend, OR-headquartered) developing master-planned single-family communities in WA and OR — directly comparable business model of community development and home construction across the same region.
• Ichijo USA: Pacific Northwest homebuilder focused on attainable single-family and townhome communities in WA and OR — closely mirrors Hearthstone Homes' product positioning and price points.
• Cascadia Communities: Pacific Northwest residential developer building single-family and townhome communities in WA and OR — closely aligned regional development footprint and product type with HSR Development and Hearthstone Homes.
• Holt Homes: Portland-based regional homebuilder actively serving the Vancouver/Clark County submarket with new construction single-family homes and communities — directly overlapping HSR's core geography and product.

Broad incumbents

• Taylor Morrison: National homebuilder with active Portland/Vancouver-area communities — direct overlap in product type (single-family homes and master-planned communities) and target buyer, though at greater scale and geographic breadth.
• D.R. Horton: Largest U.S. homebuilder with a significant Pacific Northwest division actively building in Vancouver/Clark County — competes for the same lots, buyers, and trade partners but at materially greater scale and capital.
• PulteGroup: National homebuilder with a Pacific Northwest presence serving the same first-time and move-up buyer segments in the Vancouver, WA MSA as Hearthstone Homes' attainable-housing communities.
• Lennar Corporation: National homebuilder with active Pacific Northwest operations including the Portland-Vancouver metro — competes head-to-head in the same subdivisions and buyer pool as HSR, with deeper marketing budgets and trade pricing.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/hsr-capital-llc
• Facebookfacebook.com/profile.php

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about HSR Capital