The Biggest Deals to Close in February

The Aire, a 310-unit building in Manhattan, traded for $265 million.

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%.

Industrial showed a marked slowdown from January and a 60% decline year-over-year with trades totaling $3 billion in February. Colliers said industrial volumes have shown signs of leveling off in recent months. The last time volume dipped below $3 billion in a month was February 2014.

CenterPoint Properties acquired a four-property, 539,000 SF portfolio in Compton, Calif., for $196.5 million in one of the month’s largest deals.

Retail fell off in February after posting a stellar January. Sales slid 75% year-over-year – a steeper decline than in recent months.

Less than $1 billion in hospitality assets traded in February, a 69% decline from last year. A total of 80 properties were transacted, the lowest number since August 2020.