The competition for core assets is fierce. Savvy investors are exploring their options with caution and finding good yield beyond gateway cities.

NEW YORK CITY—This year's accelerator participants hail from New York City, Seattle, Silicon Valley and Tampa Bay.

ORLANDO—"We expect rental rates to rise and to see newer products continue to come on the market."

MEMPHIS and ATLANTA—The combined company will have 105,000 apartment units located primarily in the Southeast and Southwest, with a market cap of about $17 billion.