Dallas was the top market in the country for new investor entrants last year, followed by other major cities across the Sun Belt.  The top reason investors expanded their geographic footprint? A "seemingly insatiable" appetite for apartment product, which continues to sizzle in 2022, according to Real Capital Analytics.

Between 10 and 25% of the total deal volume in Dallas, which topped $6 billion last year, was attributable to new investor entrants. The city was followed by Austin (more than 25%), Orlando (also more than 25%), Phoenix (less than 10%), and Miami/Dade County (also less than 10%). Houston, Atlanta, Charlotte, Nashville, and San Antonio rounded out the top 10.

Investors also flocked to tech and R&D/life sciences markets: more than half of new investor deal flow in the Bay Area was tied to office acquisitions, while new investor interest in the multifamily and office sectors each accounted for 30% of new capital.