With occupancy rates hovering near 97 percent in the South Florida apartment market, the bidding for Class A multi-units is so competitive many investors are seeking out lesser quality buildings, according to worldpropertychannel. In 2012 sales of multifamily units in the one million to ten million-dollar range reached $490 million, the highest number in five years. House prices rising 20-25 percent in the past two years is driving the rental market. Richard Tarquinio of CBRE in Ft. Lauderdale says more apartments are under construction but it will take a few years for the pent-up demand to level off. Many of the investors are foreign nationals from around the globe who have cash, MHProNews has learned.
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