What was your most notable project, deal, transaction or professional achievement in 2015? In 2015, Langsam completed its task of the turnaround of a 45 building, 1,600-unit package of distressed apartment buildings. The properties had thousands of violations and were essentially written off of ownerships books. In just 11 months, we drastically reduced violations, resolved issues with HPD and community groups and saw the buildings sold for record numbers. What emerging trends will drive investment and development in 2016? The transactional market in the multifamily housing industry has continued away from a traditional valuation based on projected income annual return.   Buyers seek property despite knowing the annual cash flow will return will be essentially zero, and put their hopes in a commodity based projection, basing returns on an annual valuation percentage increase. This will result in an eventual correction when double digit valuation increases begin to cease.