LOS ANGELES—Investor competition is slowly pressing multifamily cap rates down, according to John S. Sebree, director of Marcus & Millichap's national multi housing group, who adds that multifamily is still an incredible investment class. At RealShare Apartments, Sebree sat down with us for an exclusive interview to talk about multifamily market trends, including:

-       A multifamily market snapshot

-       Challenges in the market

-       A forecast for the next year