It wasn't a fire sale by any means, Mike Jaynes, Hall's senior vice president of acquisitions and dispositions, tells GlobeSt.com. Everything that was on the "to go" list is gone. In all, 12 complexes, totaling 3,100 units, in Arizona. Florida, Indiana, Michigan, Tennessee and Texas are in the hands of 11 private investors.

Jaynes said the refinancing and dispositions are the result of last year's review of the communities, which totaled 14,000 units. It's been a case of "taking advantage of the lower interest rate environment and the multifamily-hungry environment" that have jumpstarted the portfolio adjustment, he explains.

The last sale closed Aug. 16. That was the 349-unit Centertree Apartments in Phoenix. All of the sold product was built in the 1970s and 1980s and carried an average occupancy in the low 90% at sale time, which began in January. Each complex brought about 15 letters of intent, a definite mark of today's hotbed of activity in the multifamily industry. Jaynes said Hall went into the sales mode even though the properties were good performers because they had less "minimal upside" than those selected for refinancing.