Apartment Transactions Activity Surges in Q4 2025

Momentum in Apartment Transactions

RealPage reports that apartment transactions activity across the US finished 2025 with its third consecutive quarter of growth. According to MSCI Real Capital Analytics, about 1,910 apartment properties traded hands in Q4 2025 for a total of $60B, up from $46.5B in the previous quarter. This represented a 4% year-over-year gain as investors returned to the sector.

Pricing and Cap Rates Remain Strong

The average apartment sale price was $220,684 per unit, staying well above levels seen prior to 2021. This high per-unit pricing has persisted for 16 of the past 18 quarters. Cap rates edged up slightly to 5.55%—off their historic lows but still the lowest among major property classes, sustaining apartment transactions activity as an appealing investment vehicle. That resilience follows a softer start to the year, when sales activity cooled before rebounding in the second half as investor confidence returned.

Annual Totals and Longer-Term Context

For all of 2025, nearly 6,955 apartment properties were sold, totalizing about $165.5B in sales volume. This marked a 9% rise from 2024, with the number of properties changing hands also up 14%. While volumes have not returned to the 2021 post-pandemic surge, apartment transactions activity is recovering steadily, outpacing sales seen in both 2020 and 2019.

Major Q4 Deals

The largest apartment transactions activity in Q4 included the sale of Ascent in San Jose for $323M and Via6 in Seattle for $295M. Three of the five top deals were in the Northeast—two in Boston—including the $254M Royal Crest Estates and $205M Meriel Marina Bay sales. The West region also saw notable trades such as Stonehill at West Orange at $220M.

What’s Next

With cap rates still competitive and buyer interest strong, apartment transactions activity is expected to continue trending up. Investors remain attracted to the sector’s stability, even as broader commercial real estate markets face some headwinds.