We're far from it. In fact, Phoenix multifamily is getting frothier by the day as investors find major upside in value-add deals. Not by coincidence, we'll be exploring those opportunities (and more) at our Multifamily & Condo Revolution event at the Omni Montelucia Scottsdale Sept. 30.

Two of our panelists are working together to sell a huge Tuscon apartment portfolio: Colliers International's Cindy Cooke has been selected by Hamilton Zanze's Tony Zanze to sell a portfolio of more than 1,000 units.

Capital is looking for yield and eyeing markets where the recovery is just now taking hold. (They haven't gotten to the good part yet. Don't spoil the ending!) Aside from the huge Standard Fund portfolio she helped sell (which we reported here), Cindy most recently helped sell The San Marin in Tuscon, above, a Class-B property where Chartwell, the new owner, is already seeing $50/SF more in rents after renovations.

Cindy says owners reaping big numbers have to put that capital somewhere or face big tax hits. (So she's steering buyers to markets like Tuscon where properties can see quick rent increases with a little tinkering (think interior upgrades or added amenity packages). Hamilton Zanze's six-property portfolio (many of which were acquired in 2010 as part of a nearly $50M package) includes Hampton Park, Cordova Village, and Palomino Crossing (above).

And some hope this desire to own multifamily will follow with individuals as well— as in condo buyers. We also spoke with Habitat Communities' Timothy Sprague, another of our panelists at our Sept 30 event. Habitat is currently in development with the $75M Portland Park condo project, and he's entering a time when few for-sale multifamily units are being developed. And especially in his category: The ultra swanky, where units will range around $2M each (the project—sister to Portland Place—will have 170 units in all).

Even with more than 5,000 units underway, Timothy says there's a subset of the population that would rather buy. “The amount of product you see in the pipeline right now is at levels that I think are sustainable,” he says. To hear more, please join us for our Multifamily & Condo Revolution on Sept. 30, 7:30am, at the Omni Montelucia Scottsdale.