Selling after appreciation.

[Luke S.]

We bought a 40 unit complex in 2012. This was the first purchase for our family. We have now added significantly to NOI for the property. Reinvested significant amounts of capital to clean up units/property/etc...

I now have someone who may be willing to buy at an 8 cap from us. This would equate to an almost 40% appreciation in value over the last 30 months. Is it uncommon for projects to trade like this, or will he run into appraisal issues, etc..? 

Also. In a lower key/slow growth town. Would you get out at that? I bought it at roughly an 8cap as well. But the appreciation seems like it would be too good not to take, and roll into a 'prettier' project.

Thanks in advance,