Multifamily investment in Q1 hit an all-time high, accounting for the strongest first quarter on record and increasing 56% year-over-year to $63 billion.
That figure brought the trailing four-quarter total to $374 billion, according to research from CBRE. The sector accounted for 37% of total commercial real estate investment volume in the first quarter, followed by office at 21% and industrial at 20%.
"Strong investor appetite compressed the average multifamily cap rate to an all-time low—a trend that most benefited the red-hot Sun Belt markets," CBRE experts noted in the report.
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