CAP rates for Apartment Properties have fallen since 2002 as condo converters have driven prices up and inventory down. Median Apartment CAP's in the mid-8 range have fallen below 7.0 in 1st quater 2005. Condo conversions are receiving at least partial credit for boosting occupanicies and rental rates in the apartment sector. One Florida Aapartment management firm reported revenue growth of 8% over May 2004. Attractive Condo-conversion target properties are still to be found in certain markets but are not as numerous as in 2003-04. Apartment sales were strong in the first quarter with $15.4 billion in properties sold. Nearly 4 billion of these properties went to buyers planning condo conversions.