MIAMI—With the flood of capital coming into the multifamily sector, where do tertiary markets rank on the investor radar screen? That was one topic of discussion at RealShare Apartments East last week in Miami.

In a panel called “Under Pressure: Inside the Capital Stack,” Tim O'Connor, senior vice president and regional manager at NorthMarq Capital moderated a discussion between Paul Ahmed, senior vice president at Walker & Dunlop, Jim Fried, managing director at Aztec Group, Steven W. Moreira, broker president at Magic Properties & Investments, and Marcus Suarez, senior vice president at Hunt Mortgage Group. You may be surprised about what some of them said about tertiary markets.

“Some life companies that view Orlando as a tertiary market,” said Ahmed. “They want to be in Dallas, San Francisco, Miami or New York City. Then there are others who view Orlando as a major market. That would be one differentiation between primary and secondary.”