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What does build to a 9 mean? Your going in cap rate will equal the reciprocal of the build to number, or 11% Your sell

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What does "build to a 9" mean? Your going in cap rate will equal the reciprocal of the build to number, or 11% Your "sell to" will be 11%, if there is a 200 bps spread You will build 9 buildings Your stabilized NOI divided by your project costs will equal 9

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