"Poorly performing apartments, empty warehouses, and empty office buildings are making the banks nervous," he writes. "For those with capital, a nose for risk, and patience (four to five years), there are opportunities at hand to invest in troubled properties."

In addition to foreclosure opportunities, Hockley says low vacancy rates in the apartment market means multifamily cannot be ignored. "Unfortunately there is not that much inventory available in the market place," he writes. "Over the last two years, sales have been flat. Local appraisers are spending 75% of their time appraising refinances and 25% of their time with sales."

Indeed, says Hockley, many investors can't sell because they are faced with significant prepayment penalties, and therefore locked into their investments for an average of five to ten years. Those that do come available will likely be prompted by estates coming into the market place, partnerships dissolving, and investors trying to reposition their investments, he says.