The properties were acquired on December 15, 2025, for $96,750,000, bringing total acquisition costs to $97,553,602 before reserves and syndication expenses.
Valuation ladder
Acquisition price$96.75M
Offering price$115.87M+19.8%
Cap rate spread & load
Syndicated cap rate4.56%
Upfront load (all-equity)0.00%equity = offering price
Load net of reserves3.49%
Acquisition Price
$96,750,000
Offering Price
$115,869,677
Appraised Value
—
Upfront Load
$9,733,053
Load on Equity
—
Load on Offering Price
0%
Acquisition Cap Rate
—
Syndicated Cap Rate
4.56%
Premium / Discount
—
Appraisal / Offering %
88.41%
Less Reserves %
4.91%
Strengths
- Properties successfully closed on December 15, 2025
- Appraised value represents 88.41% of total offering price
Concerns
- Total acquisition cost including upfront fees reaches $106,136,624