The overall apartment sales volume in 2023 was down 61% year-over-year. Despite the rising cost of debt and economic uncertainty, six apartment communities changed hands for over $200 million during the year, according to RealPage.
The average price per unit was also down, registering at $204,216 in 2023, off 13% year-over-year. Apartment cap rates during 2023 remained the lowest among major property types.
This group represented every region of the country. All told, more than 5,400 apartment properties changed hands at a value of $119 billion during 2023, according to data from MSCI Real Capital Analytics.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
