U.S. apartment transactions have dropped slightly, consistent with historical trends, but on a year-over-year basis, apartment sales were up, with several notable apartment communities trading for more than $180 million. The Northeast and West regions each had two of those transactions, while one was in the South.
In all, $30 billion in apartment transactions occurred during the first quarter, encompassing 1,277 properties and nearly 151,600 units, according to a RealPage report based on MSCI Real Capital Analytics data. Overall, sales volume was up 36% year-over-year but was well below fourth quarter 2024 levels when around 1,848 properties changed hands for nearly $48.2 billion. In addition, recent activity was well below the $53.6 billion quarterly average over the past five years. The average price per unit sold was $211,356, and has registered above $200,000 for 13 of the past 15 consecutive quarters. Before 2021, the per-unit cost never exceeded that threshold and averaged $151,000 from 2015 to 2019, according to RealPage.
Meanwhile, cap rates have been rising since reaching a pandemic-era low of 4.67% in 2022. First quarter cap rates averaged 5.65%, the highest in nearly nine years, but still the lowest among major property types, keeping the asset class an attractive commercial real estate investment.
Recommended For You
On an annual basis, transactions totaled nearly $157.7 billion, with 6,078 properties trading hands, up 36% from the previous 12-month period. When it comes to solely property sales, the number was up 8%.
The five largest transactions included Park 12 in San Diego, which sold to MG Properties for $309 million, or $430,400 per door. The 35-story building, which Greystar completed in 2019, sits on 3.5 acres and features a clubhouse, fitness center, business center and two swimming pools, plus 43,000 square feet of retail space.
Altitude Apartments sold to real estate private equity firm, Rockpoint, for $268 million. The sale price for the 919-unit project in Boston, which was completed in 1970, came to roughly $291,600 per unit.
8001 Woodmont in Washington, D.C., was the third-largest apartment transaction during the first quarter, selling to Peterson Companies for $194 million, or $602,500 per unit. The 17-story building, completed in 2021, is about seven miles north of Washington, D.C., featuring a clubroom, a heated outdoor pool, a fitness center, a rooftop terrace with grills, an entertainment kitchen and a 24-hour concierge.
New York-based TIAA-CREF purchased the Teresina apartments in the San Diego market in mid-January from Chicago-based Equity Residential for roughly $183 million. The sales price for the 440-unit community came to about $415,900 per door.
Ranking as the fifth-largest apartment transaction was the sale of The Kendrick in the Boston market to Harbor Group International. The five-story apartment community traded for approximately $182 million, or about $466,000 per door.
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Kristen Smithberg
Kristen Smithberg is a Colorado-based freelance writer who covers commercial real estate, insurance, benefits and retirement topics for BenefitsPRO and other industry publications.
