An investor acquires and renovates a multifamily apartment building. The renovations resulted in an increase to NOI since the improvements caused a reduction in operating expenses and enabled an increase to rents charged to tenants. Based on those facts, which of the following is NOT true? Assume no other changes to debt service or external factors (market, economy, etc.) take place.

(A) The cap rate will increase since the cash flow and value of the building has increased

(B) Cash flow will improve, cap rate will either remain the same or decrease, and the value of the building will increase

(C) The investment may have initially been a value add, but may now be a core / core +

(D) It is likely that cash flow and value have improved. All else being equal, the property owner should be able to increase the leverage (debt) on the property

(E) All the above are true