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.

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