The property was acquired for $151,700,000, bringing total acquisition costs with reserves to $154,922,421. Total front-end fees and expenses equal $5,993,710.
Valuation ladder
Acquisition price$151.70M
Offering price$160.92M+6.1%
Cap rate spread & load
Upfront load (all-equity)5.00%equity = offering price
Load net of reserves3.01%
Acquisition Price
$151,700,000
Offering Price
$160,916,131
Appraised Value
—
Upfront Load
—
Load on Equity
—
Load on Offering Price
5%
Acquisition Cap Rate
—
Syndicated Cap Rate
—
Premium / Discount
—
Appraisal / Offering %
—
Less Reserves %
—
Strengths
- Acquisition price of $151,700,000 across 490 multifamily units
- Reserves capitalized at $1,150,000
Concerns
- Total acquisition cost with reserves expands to $154,922,421
- Title and recording costs total $399,581