Given that we believe we are moving towards
the latter stages of the market cycle, we remain keenly focused on valuations and fundamentals, and we continue to monitor the risk / reward profile of our holdings.
Overall, we think the investment sales
market of 2016 can best be characterized as one
of thinner bidding pools with buyers cautious about the fundamentals across property types, including even apartments, the threat
of rising rates, and the possibility that we are in the
latter stage of the economic
cycle.