Elliot D. Pollack & Co namesake Elliot Pollack says fundamentals for apartments are going to get better, but with some caveats. While a glut of new product hit the market as the economy crashed in 2009, it's practically ceased since. In 2011, only 303 units were completed, while more than 7,700 were absorbed. It then moderated to about 3,000 units each year through 2013, with few deliveries. But that'll change: Elliot predicts 4,300 units being delivered this year with an equal amount of absorption. That might not bode so well for high-end apartments in Socttsdale and along Frank Lloyd Wright Boulevard.

That could impact apartment investment demand going forward, although Vestis Group's Les Litwin. Over the past 18 months here, investors drove caps below 7%. But now, it's getting harder for find multifamily deals that fit Vestis' model. While there are apartment repositioning opportunities (unlevered ROR can be north of 8%), “some of the deals are less desirable, especially for the kind of cap rates that are being offered,” Les says. There's also a gap between buyers and sellers, resulting in a slowdown on buying activity. (Can't buyers and sellers just get along? Don't they realize they're not that different?) Les and Natan Jacobs recently helped broker the sale of the 10-unit Holiday Resort Apartments in the Camelback Corridor, for $50k/unit.