2011 was a good time to be an apartment owner. With little new supply coming out, sparse competition from the single-family market, rising rents, and asset values reaching possibly unsustainable heights, multifamily executives took advantage of the best rental market in a decade. Builders built more. Many leading managers picked up more units. And many top owners, seeing an opportunity to sell at favorable pricing, pruned their portfolios. Regardless of the sector they were in, everyone crafted a strategy to take advantage of favorable conditions in 2011. Good news is, things could get even better in 2012.