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Aerial view of a rail line and grain elevator crossing open prairie at dawn

Pat Bierbusse

Founder & Principal of Frontier Range Holdings. A career spent on nearly every side of real estate, now focused on owning it well for the long run.

  • Integrity
  • Transparency
  • Respect
  • Stewardship
  • Discipline
Pat Bierbusse, Founder and Principal of Frontier Range Holdings

Why FRH exists

Pat founded Frontier Range Holdings to pursue the part of the real estate market that larger capital passes over: smaller, relationship-driven properties across the Midwest and Mountain West, bought at a sensible price and owned for the long term.

Before FRH he worked as an advisor, as an underwriter for a developer, as an investment professional for a family office, and on the lender’s side of distressed real estate debt. Along the way he worked on multifamily, industrial, retail, office, hospitality, student housing, mixed-use and condominium properties, and on everything from acquisitions and financing to loan workouts, receiverships and foreclosures.

The result is an investing style built around the downside: what a property is really worth, how much debt it can really support, and what happens if the plan takes longer than expected.

  • Ernst & YoungCommercial real estate and structured finance advisory
  • Developer capital marketsUnderwriting, capital markets and corporate finance for a real estate developer
  • $5B+ family-office portfolioInvestment and asset management at the Cherng Family Trust
  • Distressed debt & workoutsLoan purchases, bridge lending, workouts and receiverships at Dornin Investment Group

The path to FRH

Each chapter added something to how FRH invests.

  1. 2018–2021

    Ernst & Young

    Commercial real estate and structured finance

    Construction and commercial real estate consulting, including draw and cost audits on a multi-billion-dollar mixed-use development, and due diligence on asset-backed securitizations.

    What it taught him: Check the numbers yourself. Budgets, draws and offering documents are only as good as the testing behind them.

  2. 2021–2023

    Real estate developer

    Underwriting, capital markets and corporate finance

    Lead underwriting on a multi-site development pipeline, capital-markets work across multifamily, industrial, hospitality and net-lease assets, and support for the CFO.

    What it taught him: How capital is structured shapes everything that follows. A good property with the wrong financing can still fail.

  3. 2023–2024

    Cherng Family Trust

    Investment and asset management

    Acquisition underwriting, valuation, budgeting and reporting for a privately held real estate portfolio of more than $5 billion.

    What it taught him: What patient ownership makes possible, and how a family office thinks about protecting capital across generations.

  4. 2024–2026

    Dornin Investment Group

    Opportunistic real estate debt and equity

    Non-performing loan acquisitions, bridge lending, workouts, receiverships, foreclosures and recapitalizations across most property types.

    What it taught him: Why good buildings get into trouble: usually too much debt or too little attention. And why treating borrowers with respect gets better outcomes.

  5. Today

    Frontier Range Holdings

    Founder & Principal

    Founder-led, long-term real estate investment across the Midwest and Mountain West.

    What it taught him: Putting all of it to work, with his own name on every decision.

Why I started FRH

I have spent my career looking at real estate from different seats: checking the numbers at Ernst & Young, underwriting projects for a developer, managing investments for a family office, and working through troubled loans from the lender’s side.

The same lesson kept coming back. The investments that hold up are rarely the exciting ones. They are bought at a sensible price, financed with debt they can comfortably carry, and looked after by people who pay attention. When things go wrong, it is usually because one of those three was missing.

At the family office I saw what patient ownership makes possible when no one is forcing a sale. I started Frontier Range Holdings to invest that way in the places and properties I believe in: everyday apartment buildings, mobile home and RV communities and small industrial buildings in cities with lasting demand.

FRH is small by design, and I am personally involved in every decision. If this way of investing resonates with you, I would welcome a conversation.

Pat BierbusseFounder & Principal

How he invests

The short version of FRH’s principles.

Read FRH’s principles

  • Downside first

    Conservative debt, and no reliance on a sale or rising prices to make a deal work.

  • Durable ownership

    Properties people and businesses need, held for the long term.

  • Straight answers

    Quick, honest responses to owners, brokers, lenders and partners.

  • Hands on

    Site visits, local relationships and work done by the principal himself.

Background

Education
BBA in Finance, University of Georgia, Terry College of Business
Based in
Newport Beach, California
Invests in
19 metros across the Midwest and Mountain West

Photography credits

Representative imagery of the places and property types we invest in. None of it shows an FRH-owned property.

Photos and footage used under the Unsplash License and the Pexels License.

Start a conversation

Whether you have a property, a loan, or an interest in partnering, Pat reads every message.

Contact PatPartner with FRH