Comeback Cities

A Buyer’s Market: The lowest recorded cap rate in Las Vegas this year was 5.2 percent, when the 341-unit Acapella, built in 2007, was bought for $41.2 million by Colonial Properties Trust in March.

Rebounding Values: Cornerstone paid $40 million for the 240-unit Level at Sixteenth in Phoenix, which Alliance Residential brought on line in 2010. The deal was one of the highest per-unit prices paid in Phoenix last year, at more than $166,000.

Condo Capture: Wood Partners realized a 50 percent discount on replacement cost when it paid $44 million for Terrazas River Park, a 324-unit luxury, but broken, condo development in Miami.

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