1Q Apartment Deal Volume Falls, But With a Big Caveat via Multifamily Executive Magazine

On the surface, a 43 percent drop in year-over-year transaction volume would be disturbing. But if you take a deeper look at the first-quarter report by New York-based research firm Real Capital Analytics (RCA), things don’t look quite as alarming.

Excluding portfolio deals, sales of individual apartment properties increased 28 percent compared to the first quarter of 2013. That’s because the massive $6.5 billion portfolio sale of Denver-based Archstone occurred in the first quarter of 2013, skewing the results in last year's favor.

Overall, the first quarter saw $18.7 billion in apartments change hands. Individual properties accounted for $14.5 billion of that volume, while portfolios comprised $4.2 billion of the tally. In fact, 11 properties priced above $100 million sold in the quarter.

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