"In a way, we don't realize how lucky we are in the multifamily sector," said Robert Falese, a senior vice president at CapMark Finance, who said that of the $1 billion in transactions his Horsham-based firm oversaw last year, 98% were multifamily, up from 50% of a $2-billion volume the previous year.

In a condo market where prices are marked down between 5% and 12% and "nobody's buying unless they have get a steal on it" more apartments will come to market, said David Grasso, president and chief executive officer of locally based Grasso Holdings.

"There are a few deals that that will turn into big blocks of rental apartments," he said. "We will have a softer landing [than other markets], but there will be broken condo projects in Philadelphia."