What's The Downside?
A few days ago I was reviewing my underwriting for the acquisition of a 164 Class B+ apartment community with my firms Director of Acquisitions and our CEO. Due to lack of sale comps (Ohio doesn't require disclosure as you can buy the entity controlling the property), I referenced how a neighboring property recently appraised for approximately 21% more than our purchase price, despite having similar finishes. A good sign to me (we're buying at a 21% discount!), both looked