Whitney Elkins-Hutten of PassiveInvesting.com  interviews multifamily syndication expert Caleb Webster about his recent acquisition: The Ranch, a 46-unit apartment complex in Gresham, OR. While Portland, OR is currently ranked 81st out of 82 markets for investor attractiveness, Webster reveals how he successfully closed a pocket listing by identifying a unique "financial value-add" opportunity. He dives into acquiring a well-maintained, 1976-vintage property where the seller's expense ratio was over 60%, detailing how cutting costs—such as reducing trash pick-up and self-managing the property—added a significant day-one NOI bump. Learn how his team secured incredibly competitive 5-year fixed interest-only debt from Chase and navigated the long closing period to make this deal pencil in a challenging environment.