You have low property taxes, low rents, high cap rates to compress, utility expenses were manageable,etc.These days cap rates are low for the good areas, most rent growth has already happened, counties and cities are out like crazy raising property taxes and even if you appeal and win they still go up some, and utility companies like water even with no leaks are raising the water and sewer per gallon usage rates because they kept flat in the down turn.If you add all of these things up for the yield versus more passive commercial assets I do not like multifamily at this point in the cycle as much as I did 4 to 5 years ago. 

Basically they force compressed air into the lines to loosen the compacted soil around the lines.

And he should--anything bought in the 2011 to 2014 time frame should have produced some pretty outstanding returns given that rent growth in many markets (especially TX where it appears some of his investments have been located) has outpaced even the best forecasts, and cap rate compression has boggled the mind of many.I know that all of the assets I acquired during that period performed enormously well, throwing off actual IRRs between 28.7% and 63.3% for hold periods ranging from 21 months to five years.Even assets acquired in the 2014-2016 era have, in many cases, performed beyond imagination. 

Lot's of all cash buyers in that range and so it compresses cap rates with big buyer pool.

If your goal is value-add, then there is not a lot of "meat on the bones" on this investment, unless cap rates really compress after your purchase. 

I know a few investor up in the New York area and they have all started looking mainly down south and some midwest as cap rates have compressed significantly in this area and simply do not cashflow unless you get an amazing deal from a motivated seller.

So I live in the Atlanta market, but do not invest here because of the compressing cap rates and minimal cashflow.

Apartment sales in the area have slowed down because the cap rates are getting compressed by the raising interest rates but sellers aren’t interested in raising the cap rates yet.

Compressed rents create all sorts of problems. 

I WILL work on it.I like where valuations have risen to and where cap rates have compressed to.