MIAMI—Fannie and Freddie posted record years for multifamily business volume in 2012—and the Southeast drove more than its fair share. From Miami to Atlanta, and even to smaller Southeast markets like Raleigh, NC and Memphis, the multifamily revival is not only real, it appears sustainable as well.

The Southeast's multifamily sector is poised to see the highest level of sales transactions since 2005. So says a new report from Jones Lang LaSalle's Southeast Multifamily group. Vacancy rates are at their lowest point since early 2008 and rents have experienced consistent gains each quarter since 2010.

“Last year's national multifamily sales well surpassed 2011 levels, with velocity only 10% below 2005, and the Southeast is echoing this growth,” says JLL managing director Derrick Bloom.