The asset was acquired for $72,000,000 ($72,593,909 total acquisition cost) against a CBRE appraised value of $72,300,000. The $86,840,527 offering price represents an 83.26% appraisal-to-offering ratio and a 20.11% premium.
Valuation ladder
Acquisition price$72.00M
Offering price$86.84M+20.6%
Appraised value$72.30M83.3% of offering
Premium / discount to appraised value
20.11%
Cap rate spread & load
Upfront load (all-equity)14840527.00%equity = offering price
Load net of reserves2.89%
Acquisition Price
$72,000,000
Offering Price
$86,840,527
Appraised Value
$72,300,000
$72,300,000 (CBRE, as-is value dated 12/19/2025)
Upfront Load
$14,840,527
Load on Equity
91.17%
Load on Offering Price
—
Acquisition Cap Rate
—
Syndicated Cap Rate
—
Premium / Discount
20.11%
Appraisal / Offering %
83.26%
Less Reserves %
5.51%
Strengths
- Purchase price of $72,000,000 is closely aligned with the CBRE appraised value of $72,300,000.
Concerns
- Offering price carries a 20.11% premium over the direct property acquisition price.
- Appraisal covers only 83.26% of the total offering capitalization.