Granade: The Multi-housing market in Orlando has improved steadily over the last few years due to employment gains, limited new supply and an overall shift away from homeownership. We've seen big percentage gains in healthcare, hospitality, and professional and business in the last 12 months, with the job base growing in pockets like the Lake Nona Medial City area as well as with key employers such as Florida Hospital, Disney, Universal and Verizon. As wages increase, apartment rents typically follow suit as long as there's a good balance between supply and demand.

GlobeSt.com: How is the multifamily market doing?

Granade: New construction has been increasing, but is still one-third below deliveries in the previous cycle but the balance is very favorable right now. Rents in Orlando are forecast to increase 3.5% to 4% in each of the next five years and average occupancy should hold very strong in the 94% to 95% range. As the market continues to improve, Orlando is quickly becoming a very promising investment market for multi-housing.

GlobeSt.com: What stage of the development cycle are we currently in?

Granade: New apartment construction has accelerated in the last 18 months, as the economy has improved, but is still well below deliveries during the previous cycle. New supply over the next three years is one-third below the 2006 to 2008 level, and is forecast to decline slightly in each of the next two years.