The continuing strong recovery of apartment rents and occupancies has not gone unnoticed by real estate property investors, who pushed sales volume to 2007 boom era levels last year -- and even higher sales totals possible in 2013, as a result of the now-closed $16 billion Archstone transaction.
According to preliminary CoStar data, total multifamily sales volume for all markets totaled $29.2 billion in the fourth quarter, the highest quarterly sales volume since second-quarter 2007. More than $84.5 billion in multifamily sales were recorded for all of 2012, a 30% increase over the previous year and the highest yearly volume since 2007's $99.7 billion.
"Sales volume continues to grow quarter after quarter, and pricing continues to get richer. Investors still love apartments," CoStar real estate economist Francis Yuen said during the recent presentation of the year-end multifamily review and outlook.
Read more...As Investors Chase Yield, Rich Apt. Pricing Pushes Capital Further Afield - CoStar Group
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