ATLANTA—Investment in US multifamily reached $127 billion for the year ending at the second quarter of 2015. That's the highest four-quarter total in history and growth of 36% over the 12-month period, according to the latest research from CBRE. In fact, the total surpasses the mid-2000s peak of $100 billion achieved in the year ending Q2 2006.

Multifamily investment has been robust for several years and this trend continued during the second quarter of 2015, with $30 billion flowing into the sector. That's a 35% year-over-year gain, but a 3% decline over the first quarter of 2015. Multifamily acquisitions represented 27% of the total $110 billion invested in US commercial real estate in in the second quarter of 2015.

“Investment in US multifamily product continues its extraordinary run, reflecting solid confidence in future market and asset performance. Drawn in by solid fundamentals, investor interest in the sector remains high, per sales activity and underwriting trends,” says Brian McAuliffe, executive managing director of Institutional Properties at CBRE Capital Markets. “Equity and debt investment volumes continued to rise, along with transaction sales prices. Cap rate declines have been minimal, which signal total projected investor returns are close to bottom.”