Through September, 14 properties with a total 3,482 units were sold for an aggregate $170 million or $49,068 per unit. In the peak 1999 period, 31 properties comprising 7,984 units sold for a total $341.3 million or $42,749 per unit.

"The drop in sales volume is the apparent result of investor concerns over increased supply, lack of appetite by pension funds and REITs, and an ongoing gap between bid and ask prices," Steve Flanagan, senior vice president, multihousing investment group in the Grubb & Ellis Orlando office, tells GlobeSt.com.

Flanagan says investors "seem to be seeking going-in returns in the 9%-plus range, while property sellers seem convinced that capitalization rates of 8.5% or less are justified by the current level of interest rates."