MIAMI—HFF director Elliott Throne will be sharing his expertise at Real Share Apartments 2014 in Miami next month. But the multifamily expert gave us a sneak peak at what's on his mind in this exclusive two-part interview.

GlobeSt.com: What's the state of multifamily in Florida as you see it?

Throne: Some may call it very strong while others are calling it cautiously optimistic. We are only starting to backfill the traditional amount of new supply that historically was delivered each year even though there were several years of almost no new product.

Most new deals are finding great success at above market rents. But people will start watching for oversupply in certain areas that have had a number of new deals delivered within a tight period of time.

There are still numerous great opportunities to develop, and assets to purchase but you have to be aware of other new deliveries that may temporarily affect leasing. We are still a place that capital from all over wants to be and the colder it is across the country, the hotter our market gets.

GlobeSt.com: Beyond Miami, are some markets hotter than others?

Throne: Miami continues to be the hottest market but others are very active as well. Broward County has had numerous new deals developed and some of these projects are now coming to market for sale. Development continues to be active throughout all of South Florida.

This is also true in Central Florida as Orlando has a very strong pipeline of deals with the southwest tourist corridor seeing significant momentum and attention. Even Jacksonville, a market that had its concern a few years ago, is delivering several new deals that are being very well received by the market.  

GlobeSt.com: How much distress is really left out there and how does the absence of distressed assets impact investor strategies?

Throne: We really aren't seeing an enormous amount of distress anymore. Investors are more focused on the expected increase in treasury rates and additional new supply rather than past deals that went into trouble.