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An Analysis of Recent Rates of Return and of the Secondary Market for Public Real Estate Limited Partnerships



This study analyzes the rates of return of 53 Real Estate Limited Partnerships (RELPs). The authors utilize market-derived figures for terminal values, thus providing more realistic computations of IRRs than have appeared in other studies. The authors also examine the effect of holding period on RELP returns. RELP IRRs were found to be significantly different from those reported in other studies. RELP IRRs were also found to be highly correlated to holding period. The authors also provide an extensive introduction to the relatively new and evolving secondary market for RELPs called the National Partnership Exchange (NAPEX).

Suggested Citation

  • Steven D. Kapplin & Arthur L. Schwartz, Jr., 1986. "An Analysis of Recent Rates of Return and of the Secondary Market for Public Real Estate Limited Partnerships," Journal of Real Estate Research, American Real Estate Society, vol. 1(1), pages 33-44.
  • Handle: RePEc:jre:issued:v:1:n:1:1986:p:33-44

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    References listed on IDEAS

    1. Robert Carbone & Richard L. Longini, 1977. "A Feedback Model for Automated Real Estate Assessment," Management Science, INFORMS, vol. 24(3), pages 241-248, November.
    2. Peter F. Colwell & Roger E. Cannaday & Chunchi Wu, 1983. "The Analytical Foundations of Adjustment Grid Methods," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 11(1), pages 11-29.
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    JEL classification:

    • L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services


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