Last week's GlobeSt.com Quick Poll asked readers to pick the best distressed asset playing field: dog properties or trophies? While only 39% voted for the former, 61% threw their weight behind the latter. Michael Fasano, regional manager of Marcus & Millichap's New Jersey office, talked to GlobeSt.com about why the answer might not be so clear cut.

"I really don't have a black and white answer...trophy versus dog. It varies depending on the product type, as well as the investor mindset. I don't think we'll see a whole lot of class A, trophy properties having distress.

"In the multifamily world, the distress we're going to see will be in some of the urban areas…deals that were overleveraged, deal that were under-managed and deals that are now experiencing vacancy issues. Some people might define that as a dog, but for people who own and invest in the C apartment class and are prepared to work the building and manage it up, so to speak, this could be a really strong opportunity. I really don't see a whole lot of distress, at least in our market, in the class A and B apartment assets.

"This changes a bit when we talk about development deals that were built for condominium sales and are now fractured. For instance, a 30-unit project with five or six sold units might see the balance being rented. But the situation is different because these rents are needed to support construction loan and financing. This project really could be an A or B asset because of the finish work.