The multifamily market in Florida remains bullish, while in other areas of the country strong single-family home sales have been putting downward pressure on apartment complexes. According to CB Richard Ellis, strong demographic and economic factors in the state, where rental housing demand is on the rise, have fueled investor interest in multifamily properties. Florida leads the country in job growth, adding 90,000 positions in the past year, according to the local economic consulting firm Fishkind and Associates.

"2003 was a banner year for the CB Richard Ellis Florida Multifamily Group," says Bill Moss, managing director of broker services for CBRE, in a statement. "The strengthening economy should continue to stimulate investor demand for apartments within Florida in 2004."

Jay Massirman, executive vice president of CBRE, adds that South Florida is one area that has "witnessed particularly strong investment velocity. Low interest rates and strong regional demographics have contributed to a plethora of new condominium construction and condominium conversion activity.