ATLANTA—Investment in USmultifamily reached $127 billion for the year ending at the secondquarter of 2015. That's the highest four-quarter total in historyand growth of 36% over the 12-month period, according to the latestresearch from CBRE. In fact, the total surpasses the mid-2000s peakof $100 billion achieved in the year ending Q2 2006.

Multifamily investment has been robust for several years andthis trend continued during the second quarter of 2015, with $30billion flowing into the sector. That's a 35% year-over-year gain,but a 3% decline over the first quarter of 2015. Multifamilyacquisitions represented 27% of the total $110 billion invested inUS commercial real estate in in the second quarter of 2015.

“Investment in US multifamily product continues itsextraordinary run, reflecting solid confidence in future market andasset performance. Drawn in by solid fundamentals, investorinterest in the sector remains high, per sales activity andunderwriting trends,” says Brian McAuliffe, executive managingdirector of Institutional Properties at CBRE Capital Markets.“Equity and debt investment volumes continued to rise, along withtransaction sales prices. Cap rate declines have been minimal,which signal total projected investor returns are close tobottom.”