A Renovated Asset With Two Clean Levers

Trymax is a stabilized, extensively renovated 42-unit community purchased $450,000 below list at $130,952 per unit — a 7.1% cap rate on trailing-12 NOI. The upside doesn't depend on renovation budgets or market rent growth: it comes from two simple revenue programs, one of which is already executing before we close.

The Path to Stabilized NOI

Investment Calculator

Drag the slider to your intended investment. Investments of $200,000+ earn the Class B 7% preferred return; under $200,000 earns the Class A 6% preferred.

Exit Sensitivity

Every cell holds interim distributions and the Year-3 refinance at the base model and flexes only the exit: terminal Year-6 NOI (columns) against exit cap rate (rows). Hover any cell.

Stress-testing the refinance itself: with no refinance at all and a sale at the end of Year 5, the model still projects a ~19.8% IRR and 9.2% average cash-on-cash — the refinance accelerates the return of capital; it does not create the return. Portland-metro cap rates have not averaged above 6% in the past decade, including through the 2022–24 correction.

Property & Location

Eight residential buildings and twelve detached garages on a quiet, tree-lined 1.72-acre site set back from E Burnside. Every home is a 2BR/1BA (~827 SF) with in-unit washer/dryer and storage lockers — product that retains families and rarely sits vacant.

MAJOR EMPLOYERS & POINTS OF INTEREST

TRYMAX APARTMENTS

THE RANCH — sponsor-owned, 46 units (~1 mi)

1Gresham Vista Business Park — ON Semi & Subaru (~3 mi)

2Boeing Portland — aerospace campus (~4 mi)

3Amazon Fulfillment — 855K SF, 2,000+ jobs (~7 mi)

4Legacy Mount Hood Medical (~4 mi)

5Mt. Hood Community College — ~500 employees (~4 mi)

6Powell Butte Nature Park (~2 mi)

7Historic Downtown Gresham (~3 mi)

8PDX International Airport (~20 min via I-84)

9Downtown Portland (~14 mi)

Six-Year Pro Forma

Rents escalate 2.0% annually against 3.0% expense growth. 7.5% combined vacancy and credit loss in every year. Expenses run 41% of income in Year 1, in line with 2025 actuals. Insurance is modeled above a bound quote of $12,500.

Years 1–3 reflect interest-only acquisition debt at 6.20% (IO for 5 years); Years 4–6 reflect the Year-3 refinance ($4.91M at 6.25%, IO throughout the projected hold). T-12 NOI at acquisition: $391,000.

Tax Benefits — Cost Segregation

A cost segregation study reclassifies building components into shorter depreciable lives (5- and 15-year), which are eligible for 100% bonus depreciation under current law. For a renovated 1992 asset, this typically front-loads a large paper loss into Year 1 — meaningfully enhancing after-tax returns even though cash distributions are unchanged.

Illustrative estimate only — not tax advice. Actual results depend on a cost segregation study by a qualified firm, the final land/improvement allocation, prevailing tax law at closing, and each investor's individual tax situation. Consult your own CPA before relying on these figures.

Sponsor Team

Rareglacier pairs decades of Portland-metro operating experience — 200+ properties acquired and renovated, $25M of infill housing built, over $100M in private notes repaid — with an 88-unit operating base in this exact submarket after acquiring The Ranch in January 2026.

CALEB WEBSTER

ACQUISITIONS AND INVESTOR RELATIONS

An opportunistic investor and student of macroeconomics with a proven record of adapting to market cycles. Began scaling a multifamily portfolio in 2019, exited profitably during the pandemic, then completed over $15 million of for-sale infill development since 2021. Now focused on scaling back into multifamily as risk-adjusted yields improve.

MIKE NUSS

OPERATIONS AND CONSTRUCTION MANAGEMENT

Over 20 years in the industry. Founder and Managing Partner of Portland's Rarebird Acquisitions — 200+ properties acquired and renovated, $25M in infill housing built, personally owns over 100 units. Built Rarebird into a vertically integrated company with in-house acquisitions, construction, and management. Most proud of repaying over $100M in private seller-financed notes.

KWOK LUN (ALAN) CHEUNG

CAPITAL AND FINANCING

Three decades of cross-border real estate experience in the U.S. and Asia. Began in Austin in the 1990s, capitalized on the Detroit recovery 2014–2020, and has since used 1031 exchanges to consolidate into high-growth markets including Portland, Orlando, and Houston. Long-standing relationships with investors in Asia provide a distinct edge in capital raising.

FAQ

Express Interest

Soft commitments are non-binding and help us allocate the round. Subscription documents and the Private Placement Memorandum follow for qualified investors.