It’s no secret that multi-housing has been hot and the preferred investment class over the past three years. Per unit pricing has reached 2007 peak levels at over $500,000 per unit on the waterfront, and cap rates have broken previous records both on the Hudson Waterfront, where it has reached the low 4 percent range, and in the suburbs, where several transit oriented apartment complexes have traded below 5 percent cap rates. So why is pricing hitting these historic
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