Aug 8, 2012 11:53 AM, By Bendix Anderson, Contributing Writer

Investors tired of paying super-high prices for apartment properties might follow the lead of Panther Properties Investment LLC, which just bought the Effingham Parc Apartments, located a few miles outside of Savannah, Ga.

“We are at that point in the cycle when in search of yield, investors look to secondary and even tertiary markets,” says Dan Fasulo, managing director of data firm Real Capital Analytics, regarding the sale, which closed in July.

The Effingham deal could represent the shape of things to come—as investors once again begin to pay respectable prices for class-A assets in these strengthening secondary markets. Panther Properties paid $30.8 million for Effingham, or about $87,500 per apartment for the class-A, 352-unit property. The capitalization rate for the deal.. [Full Article]