Growing capital through Pacific Northwest multifamily.

Rareglacier Properties was formed in 2025, but its partners are far from new to this market. Caleb Webster, Mike Nuss, and Alan Cheung came together after years of working on Portland-metro real estate — across acquisitions, construction and operations, and capital. Just as telling is their restraint: through years of compressed cap rates, unrealistic and unsustainable rent-growth assumptions, and a market-wide belief that interest rates would stay low forever, the partners stayed disciplined rather than overpay in a market they viewed as mispriced. They re-engaged only when pricing reset and durable, basis-driven returns came back within reach.

That discipline is why Rareglacier is active again. With the construction pipeline collapsed and sellers far more motivated across the supply-constrained Pacific Northwest, the partners can finally acquire quality communities at an attractive basis — an opportunity too significant for any one of them to pursue alone. So they joined forces, bringing acquisitions, in-house operations, and capital under one roof. The partnership’s track record is intentionally short: The Ranch and Trymax, acquired within twelve months in the same Gresham submarket. But behind those two deals stands decades of individual experience across multiple market cycles, and the discipline to act only when the numbers truly work.