Cleveland has world-class: orchestra, theater, museums, heath-care ( Cleveland Clinic and University Hospitals ), top-ranked universities/colleges (Case Western Reserve, Cleveland Institute of Art), multiple Fortune 500 companies.

I'm guessing this is the thought process of institutional investors and also other investors who don't need immediate cashflow. 

Recession resistant asset class (people downsize, move in together, move back home, etc. during recessions)Cash flowing asset (not dependent on market appreciation)People buy a lot of crap and toys during good economic times (and need a place to put it)75% of the facilities in the country are owned by non-institutional owners (opportunity for adding value)Small ($10-30) rental increases create large increases in NOI and property valuationSticky tenant baseUnits are easy to maintain (brick and metal, no amenities, little landscaping)Location, population growth, and barriers to entry matter. 

Last week I got a call from ecnomic strategIst Institution explaining about non grantor trust.

Way too many buyers fighting over very few deals along with large institutional investors and institutional wholesalers are making it even tighter. 

In the run up in real estate prices from 2011, a bunch of institutional investors realized how safe of an asset multifamily was.

I always found that local banks give you a better deal on rates vice big institutional banks (Wells Fargo, Bank Of America, etc).

Syracuse has strong university and hospital anchor institutions that provide a little economic stability.

Financial institutions like to see annual leases typically.

But I think that is common with many owners that are institutional banks