This month, when Oak Coast Properties sold the Pembrooke on the Green Apartments in Denver for $163 million, it revealed pricing confidence in the market. While many investors have been expecting and awaiting a price reduction in multifamily, Phil Nahas of Oak Coast says that the pricing reduction has yet to come, and the firm has been an active buyer in the Denver market.

"Today, I am not seeing discounts on pricing. I see people underwriting delinquencies with those delinquencies tapering off over time, but I haven't seen a significant dip in pricing expectations, as many people have been anticipating," Nahas, managing partner at Oak Coast, tells GlobeSt.com.

This isn't to say that multifamily hasn't been impacted by the pandemic. Many of the current economic fundamentals have severely impacted the apartment market. "Multifamily has had significant challenges," says Nahas. "There was a huge spike in unemployment, a concern that people weren't going to be paying their rent and a concern that businesses weren't reopening, creating more uncertainty around jobs. So far, we have seen some delinquencies, but people are still paying their rent for the most part. Multifamily has really held up pretty well, especially when you are comparing it to retail or hospitality. There are also still investors seeking yield and safe assets."