Our headline is what The Bard should have asked. As multifamily core pricing continues its aggressive nature, value-add rehab and development are becoming more attractive. That leads to the old question: to buy or to build? Invesco's answer is some of both. (If only Romeo and Juliet went for a middle of the road approach.)

Invesco acquisition officer Chris Schmidt says the pension fund advisor is still acquiring multifamily properties, mainly on the East and West Coasts as well as competing for ones in Texas. Supply constrained markets like LA, DC, Boston, and NY are prime targets, with the focus being apartments, industrial, retail, and office properties. In the last 18 months, the firm's been focused on both core and value-add/development opportunities for its clients, and he's still a believer in multifamily investing with a focus on best-in-class in the best locations. ?We're low or no leverage; both the real estate and the submarket drive our investment decisions,? he says.

Multifamily will continue to get stronger, due to the small number of new deliveries coming in the next 12 to 18 months, Chris says. For sucess, the project needs to be in the right location with the right equity and debt sponsor. A new project won't work just because it has a low basis. Invesco has started a couple of projects in DC and Seattle and is looking in Texas as well. Chris, a Jacksonville native, is a huge Gators fan (our DFW reporter is a fan too, if only by marriage). You can tell him your thoughts on former UT defensive coordinator Will Muschamp?s move to Florida at the second annual Bisnow DFW Multifamily Summit this Wednesday at the Westin Galleria. Register now.