CBRE's Bob Miller sees Philly's multifamily fundamentals holding strong and steady: Occupancy rates are 95% or above at most properties. He says that it remains a seller's market, with buyers outnumbering available properties and not enough new construction. High barriers to entry, zoning restrictions, and construction costs (especially in Center City) mean we're not seeing as much new supply as in markets like Phoenix and Atlanta. On the flip side, Bob adds, there's no worry about overbuilding, and declining homeownership, demographic trends favoring rentals, and cheap borrowing rates are keeping investors attentive.

Nobody's more interested than New York investors, Bob says, who like Bucks County and its proximity to I-95 and the PA & NJ turnpikes. For example, New York's TGM Associates just sold the 238-unit Hidden Forest Apartments in Fairless Hills (above) for $21.3M to Castellan Real Estate Partners, a private NY investor. (Bob brokered the deal with colleagues John McFadden and Matt Stefanski.) Hidden Forest's 98% occupancy, plus its renovation under TGM's institutional management, sweetened the pot for the buyer. CBRE's Philly team has already brokered more than 2,000 units this year.