apartments.  Consequently, there have been very few new apartment
complexes built in recent history.  That being said, many developers build a
condo complex and keep all the units as rentals, thus managing it like an
apartment complex.  When it comes to appraising these condo/ apartment
properties, the valuation method is very different.  

When all the units are individually owned, even if its the same owner, the
complex must be valued using a discounted cash flow analysis.   
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