Smaller REITs such as Cleveland-based Associated Estates and Memphis-based Mid-America Apartment Communities are beginning to make acquisitions after a period when most of the deals were completed by larger companies. "Everybody is reporting more deal flow," says Paula Poskon, with Robert W. Baird. "By virtue of their operating strategies and portfolio strategies, companies like Home [Properties], Mid-America, and AEC are just finding it a little easier to find those one-off opportunities."

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