Apartment sales volume rose 9% to $165.5B in 2025

Group 1 - In 2025, apartment entity-level deals saw a significant decline of 96% to $354 million compared to 2024, while individual asset sales increased by 20% to $136.8 billion, indicating a shift in investor behavior [3][4] - Mid- and high-rise trades rose by 7% year-over-year to $69.6 billion in 2025, and garden property transactions increased by 11% year-over-year to $95.8 billion, reflecting a positive trend in specific market segments [4] - Despite rising vacancy rates and falling rents, investors are looking beyond current challenges to future income growth, often seeking properties at discounted prices [5] Group 2 - Heitman announced the successful closing of its largest closed-end fund, Heitman Value Partners Fund VI, with commitments totaling $2 billion, surpassing its target of $1.75 billion [6] - Heitman expressed confidence in the near-term growth prospects for apartments, noting that most markets have moved past peak deliveries [7] - Overall apartment sales volume increased by 9% year-over-year to $165.5 billion in 2025, with growth across all subtypes and metro tiers, despite a challenging comparison to the previous year's high-profile transactions [8] Group 3 - Prices for multifamily properties fell by 1.3% year-over-year in 2025, a moderation from the 3% decline in 2024, while cap rates have remained stable at 5.7% for the past eight quarters [8]