Even if there isn't real distress in the market, a lot of developers will still want to get out of deals as their equity will have been wiped out.

Victor Petrescu, partner at Levine Kellogg Lehman Schneider + Grossman in Miami, says unemployed and underemployed borrowers will be in the worst position once the moratorium is lifted.

Value-add multifamily properties in Sunbelt cities such as Houston are continuing to benefit from an influx of residents from other high-cost-of-living states and densely populated cities.