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Generally, caution is warranted in apartments. Stocks are now coming into interesting levels. Great population growth, but could turn negative next year. Very good portfolio. Selling older buildings and buying new from developers. So cashflow growth should improve -- buildings won't need such extensive repairs, plus new buildings are not subject to rent control. Sale of manufactured housing communities business will give them lots of cash. Look for share buybacks. Long term, feels good about multi-family residential. Just sit through the mid-term volatility.
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