Multifamily had the most robust relative performance of all asset classes in February, with volume down 35% year-over-year, according to Colliers, which based its analysis on MSCI data.

"This aligns with recent monthly performance and was the highest volume asset class of the month," according to the report.

A Manhattan apartment community, The Aire, a 310-unit building, traded for $265 million to a Gotham Organization and Carlyle Group joint venture. The in-place cap rate was 4.7%.

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