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JLL Capital Markets handled the sale of the 315-unit luxury property.
The lumber market faced issues with both supply and demand last year.
New construction with longer-term leases drove the cap rate decline in the auto sector.
Lipsey's annual survey is based on qualitative data points from its ballot and from subjective phone interviews and focus groups.
Muted supply, current prices and macroeconomic issues like above-average population growth rates and below-average US unemployment rates drove this list.
New demand was up 21% in January with San Francisco and Los Angeles rebounding most sharply.
The 14,414-unit portfolio consists of 48 apartment communities in 11 states.
As a result of these sales, New York City and New York State collected $190.5 million in transfer tax revenue.
One observer thinks co-working is essentially a different asset class.
Home prices jumped 10.4% year-over-year in December, increasing from the 9.5% posted in November.