Investors are becoming wary about multifamily companies despite the fact that rents and occupancies continue rising.

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Rents and occupancies fell with the downturn, and Beacon restructured its debt on its 20-building portfolio in 2010.

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Blackstone is betting that occupancies and lease rates in the industry will continue to recover after suffering greatly during the recession.

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While rents and occupancies continue to rise, investors are concerned that demand for rentals will sag as more renters decide to buy.

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Last year, investors began selling properties acquired during the downturn in the strongest markets, such as San Francisco and Manhattan, where the rents and occupancies have been rising.

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Petersburg have begun to slip slightly and hotel occupancies fell 14% in November from the year-earlier period, the highest monthly percentage decline in about six years, according to Smith Travel Research Inc.

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But once we have a stronger economy, you'll see occupancies go up and rental rates go up and that will be the third phase of really positive news for the REIT industry.

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Although average room rates were slightly higher from January through June compared with last year, occupancies fell slightly to 62%, in line with a national softening in demand that pushed U.S. vacancies down to 61%.

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