Benjamin, John D.; Chinloy, Peter; Hardin, William G.; … - In: Real Estate Economics 36 (2008) 3, pp. 611-634
During an asset boom a property can develop a new usage. Appreciation investors emerge to change a property's occupant mix or letter grade. Rental investors not intending to change the mix or grade are outbid. Sellers receive a capitalized premium from the new type of bidder. For apartments in...
