Only 20 apartment assets (4,812 units) were sold in 2001 at an average unit price of $59,854. That's the lowest number of sales in four years but the highest price-per-unit since 1998.

Robert W. Miller, senior vice president, Multi-Housing Properties Group, CB Richard Ellis Inc. thinks he knows why.

"Buyers have recently paid aggressive cap rates based on actual performance," he tells GlobeSt.com. "There are also a number of new public, private and non-traditional investors that have recently emerged and are now interested in acquiring multifamily properties in Central Florida."

But CBRE statistics show those sales aren't happening in great volume. For example, since the peak year of 1998 when 47 properties (13,803 units) were sold, the curve dropped to 38 sales (9,481 units) in 1999 and 24 (6,277 units) in 2000.

Average per-unit prices are trending upwards. From $42,395 per unit in 1998, the price dropped to $41,490 in 1999 but rose in 2000 to $49,093. Leading up to the high 1998 numbers were average per-unit prices of $23,000 in 1995; $32,000 in 1996; and $38,000 in 1997.

Of the 20 sales made in 2001, 14 were properties built after 1980. Per-unit prices for properties built prior to 1980 were $40,927 in 2001; $37,011 in 2000; and $27,713 in 1999.

Properties built between 1980 and 1990 went for an average per-unit price of $40,973 in 2001; $41,858 in 2000; and $44,533 in 1999. The numbers show prices of properties built prior to 1980 are rising faster than those built in the 1980-1990 period.

"With fewer properties on the market for sale, we expect that during 2002, there will be (still) fewer multifamily sales than in 2001," Miller says. "With increased demand and a reduced supply of properties on the market, we expect to see strong competition from buyers for those properties that do become available in 2002."

Private capital investors, and not institutional buyers, remain the dominant buyer group in the Orlando market, the broker says.