The transaction slowdown also has to do with a pricing expectation gap between buyers and sellers in the apartment market, Hollander says. "The gap is slowly starting to diminish as people are understanding what it takes to get a property sold," he adds.

Despite the challenges, brokers agree that deals are getting done at a healthy pace. For example, an affiliate of Norfolk, VA-based Harbor Group International LLC recently sold the 280-unit Creekside Crossing apartment community to an affiliate of Grubb & Ellis Realty Investors LLC for $25.4 million.

The property, which is currently 98% occupied, is located just off Interstate 20 at 100 Cavalier Crossing in the Lithonia submarket of Atlanta. Rental rates at the community range from $780 to $1,195 per month for one- to three-bedroom floor plans.

While the Silver-McCann group expects to build its portfolio in the area over the next few months, Harbor Group is selling assets. "We have decided to make a number of dispositions on our Atlanta properties," says T. Richard Litton, Jr., president of Harbor Group, which claims worldwide assets valued at $2 billion. "This is the second disposition over the last year," he explains, stating that the company had met investment objectives with both sold properties.

The company has purchased six apartment communities in the metro area since 2004, when it was working on increasing investment presence in the area, says Litton. Harbor Group sold the Veranda Apartments at 2383 Akers Mill Road in Cobb County in February for $32 million, according to CB Richard Ellis, which brokered the transaction. "We don't have anything else listed right now, but we'll continue to explore opportunities that we think make sense," Litton says.