Analyzing a Bulk (Fractured) Condo Deal vs Apartment Complex

[Kurt Bender]

I wanted to get some feedback from other members on the analysis of a purchasing a fractured condo deal vs a full apartment complex. Just to make sure everyone is understanding me, this is an example:

Purchasing 20 units as a bulk (fractured) condo sale out of a 100 unit condominium building.

vs.

Purchasing a full apartment complex, of let's say 16 units, where you own the land, structure of the building, common elements, and all the units inside.  

Let's assume that by underwriting both of these deals the NOI is the same, and they share the same upside in rents.

My question is how would you value these deals differently, if at all? Would you assign a different CAP rate to offset additional risk?