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|It seems multifamily complexes are outshining other commercial property types, many showing lower results than in the ‘90s. We asked ARGUS Software SVP Bruce Kellog to report back from the NCREIF Annual Conference last month in Las Colinas, while we were out covering other goodies. (We think he was there, though that art suggests he might've played hooky and time traveled to the future.) Bruce listened to an overview of DFW by Houstonian Del Kendall of RERC, Invesco’s Mike Sobolik, UrbanAmerica’s Michael Westfall, The Apartment Group’s Jeff Price, and CBRE Economic Advisors’ James Costello. Bruce says a consensus was heard regarding the rulers of negotiations: the tenants. With dropping cap rates and compression in lending rates, many investors are chasing opportunities when a bottoming-out has been achieved. The phenomenon of renters exceeding buyers of residential properties was echoed throughout the various sessions.|