The apartment industry has been interesting over the past 7 years.  Once
developers realized they could build condominiums, they lost the taste for
apartments.  Consequently, there have been very few new apartment
complexes built in recent history.  That being said, many developers build a
condo complex and keep all the units as rentals, thus managing it like an
apartment complex.  When it comes to appraising these condo/ apartment
properties, the valuation method is very different.  

When all the units are individually owned, even if its the same owner, the
complex must be valued using a discounted cash flow analysis.   
_American
__Appraisers
___Corporation
(502) 267-6320 Office
(502) 267-6344 Fax
10507 Watterson Tr., 2nd Flr
Louisville, KY.  40299
Nationwide real estate appraisal service