Why ever sell? Why not keep the asset and refinance?

[Yitz Parnes]

As I read through and enjoy The complete guide to buying and selling apartment buildings by Steve Berges, I have a question that I hope someone can help me out with. In the chapter on the "value play strategy", he adds a tremendous amount of value to his multifamily project. He then looks to implement his exit strategy. Plans A and B are 2 different ways that he can sell the multifamily and plan C is a plan to refinance. My question is why would anyone who has successfully implemented a value add strategy, and has the option to refi and hold onto a cash-flowing asset look to sell?