Second Time
I have been reviewing tenant in common deals since 2003. I just reviewed the second program where the Syndicated Acquisition Price (the price of the property plus all the costs of the tenant in common offering and property acquisition) was less than the appraised value. This sounds like simple, but few deals have an appraised value greater than the all-in cost of the property. An appraised value is not tangible, but its positive for that deal.