Top Western Markets for Multifamily Investment

Persistent inflation and high interest rates, as well as safe Treasury notes, have fueled a slowdown in multifamily investment throughout the U.S. earlier in the year. The national sales volume was down more than 10 percent during the first five months of 2026 compared to the same period of last year, according to a Yardi Matrix report.

Headwinds have been felt nationally and Western U.S. markets were no different, as many of these metros logged year-over-year declines in sales volumes. Here are the top 5 metros across the region for multifamily transaction activity year-to-date through May, according to Yardi Matrix data.

1. Phoenix

The Valley of the Sun ranked first among Western multifamily investment markets during the first five months of 2026. Companies acquired 21 assets comprising 5,198 units for a total of nearly $1.1 billion.

Phoenix’s investment activity eased 24.1 percent year-over-year, despite leading this list handily. Pricing power remained relatively stable, as the assets that sold during the first five months of 2026 commanded an average of $272,309 per unit, marking just a slight 1.6 percent contraction year-over-year.

Stockdale Capital Partners is one of the companies bullish on Phoenix multifamily investment, closing a couple of deals north of $100 million toward the end of 2025 and the start of 2026. One such trade closed in January when Stockdale paid $110.3 million for Avant at Fashion Center. Starlight Investments sold the 335-unit property.

2. Denver

The Mile-High City saw the same muted transaction activity trend, albeit at a higher degree. Denver investors traded eight properties for a volume of $386 million through May, representing a 56.0 percent drop compared to the figure of $876.4 million logged a year earlier.

The metro witnessed the steepest drop in the amount of traded units among this top’s entries, with the number declining 63.6 percent year-over-year from 4,082 apartment trades during 2025’s first five months to 1,486 unit transactions this year. Apartments transacted for $259,425 on average, representing a 5.8 percent annual contraction.

One of the assets that bucked market trends is Momentum at First Creek, a 200-apartment property that traded for $280,000 per unit or $56 million. Peak Capital Partners purchased the community from Massimo Development, according to the data provider.

3. Las Vegas

The entertainment capital of the world retained investor interest. Its multifamily sales volume clocked in at $345.3 million through May, reflecting a minimal 3.7 percent annual contraction,

Eight assets consisting of 1,418 units traded during 2026’s first five months, besting last year’s figure of seven properties and 1,414 apartments. Prices deteriorated slightly, with Las Vegas communities selling, on average, for $243,529 per unit, a 4 percent decline.

One of the eight communities that changed hands is The Ellison, a newly debuted property encompassing 294 units. The Bascom Group—one of the top multifamily owners in the market and a repeat Las Vegas investor with 37 acquisitions in the metro—purchased the asset in April for $103 million or $350,340 per unit.

4. Tucson, Ariz.

Despite the region’s overall slowdown, Tucson emerged as the sole Western multifamily investment market to register an increase in sales volumes and in the number of properties and units sold. The metro wrapped up the first five months of 2026 with a sales volume of $267.7 million, substantially above the $71.9 million posted a year earlier.

In addition, 11 assets traded through May, compared to just three properties in the comparable 2025 period. Unit sales leaped 419.2 percent from 417 to 2,165 apartments during the same period. However, the price per unit softened 20.7 percent year-over-year to $136,652 during 2026’s first five months.

The Bascom Group, through an affiliate, was also active in Tucson. The company paid $53.4 million, or $175,658 per unit, for the Retreat at Speedway in a value-add deal. Weidner Apartment Homes divested the property at the start of the year.

5. Salt Lake City

The market rounds up the top five, having registered the sale of five properties totaling 603 units for $117 million through May. Like other Western multifamily investment market peers, Salt Lake City recorded contractions across all key metrics.

Sales fell 65.7 percent, while the number of traded communities and apartments dropped 50.0 percent and 55.1 percent, respectively. The average price per unit stood at $213,375 through May, representing a 17.4 percent annual decrease.

One of the few properties that transacted this year is Lex, a 204-unit community that came online in 2025. The Korda Group acquired the asset from Zenith Partners, Yardi Matrix shows.