Select behind
 

Is there anyway to select something that is behind another object? For example in Indesign, you can hold the option key and keep clicking to cycle through objects that sit on top of one another.

There's no keyboard shortcut for doing so, but if you show the Layer List sidebar, it's easy to select the object that you want there. Hope that helps.

Works but not well
 

Thanks. That does work but not well. After doing this, the rounded corners get distorted just like resizing a rounded corner box in photoshop.

My usual method for selecting an object behind another one is to drag-select the whole stack, and then shift-click to deselect the upper objects.

If that still doesn't select only the object you want, then move the upper objects out of the way using Shift-Arrow Keys (if you have "Snap to grid" turned off, otherwise you don't need shift). Count the number of times you hit the arrow key, so that you can easily move them back by the same amount after you've manipulated the object you wanted.

I wouldn't mind a modifier key to cycle through object selections under the cursor as you describe in InDesign.