Continental began selling off its multifamily assets in 2006. "I don't know if that was ever one of their primary businesses," Nick Matt tells GlobeSt.com. Managing director of Holiday Fenoglio Fowler LP, which is marketing the property for the JV, Matt adds, "They built apartments primarily in conjunction with their retail developments," such as the Waterfront MXD.

More recently, Matt says, Columbus, OH-based Continental has been focusing more on "core competencies and property groups, and I think they'd probably say that's retail and office to a certain extent." Matt is confident that the Waterfront multifamily asset, which consists primarily of rental units, will find a buyer quickly.

"We have a couple of things going for us," he tells GlobeSt.com. "Number one, occupancy is strong"—currently at 97%, according to a news release from HFF. "Also, there's a real opportunity to raise rents, because right now, demand is outstripping supply. With the crisis enveloping single-family housing, residents are just not able to finance single-family properties and so the market is moving more toward rentals."