Top 10 Markets for Multifamily Transactions in H1 2025

The U.S. multifamily sector saw a slight uptick in transaction and investment volume in the first half of 2025, following a sluggish performance in 2024. Although the figures haven’t significantly improved, investor sentiment is becoming more optimistic due to a drop in interest rates and signs of stabilization in the sector.

Nationally, sales rose almost 20 percent year-over-year, from $29.2 billion in the first half of 2024 to $35 billion during the same time frame of this year, Yardi Matrix data shows. Additionally, the U.S. average price per unit also increased on a 12-month trailing basis through June, from $191,038 to $213,092.

Here are the top 10 markets for multifamily investment in the country in the first half of 2025. These metros accounted for more than a third of the total national sales volume.

1. Phoenix

Phoenix ranked first nationally in terms of multifamily transactions, according to Yardi Matrix data. The market saw nearly $1.9 billion in investment volume from the 31 assets totaling 7,284 units that changed hands.

In the first six months of the previous year, Phoenix investors had purchased almost $1.8 billion in multifamily assets. The metro saw 28 properties—6,244 units—change hands for $297,112 per unit on average, more than $27,000 than this year’s figure. This represented the largest year-over-year decrease in the average price per unit among these markets.

In May, Ares Management purchased Zaterra, a 392-unit upscale community in Chandler, Ariz., for $137.5 million. A joint venture between P.B. Bell and PCCP LLC sold the asset in an all-cash transaction. The property traded for $350,765 per unit.

2. Seattle

Seattle’s multifamily investment volume reached almost $1.8 billion year-to-date as of June, almost three times the $602 million registered during the same time frame of 2024. This marked the largest year-over-year increase among the top 10 markets.

A total of 23 properties—4,718 apartments—changed hands in the first six month of this year, a slight increase from the 19 assets—2,357 units—that traded during the same period of the previous year. The metro also registered the largest year-over-year increase in the average price per unit, from $271,431 to $376,427.

In one of the priciest deals in the metro in the first half of the year, a joint venture of Kennedy Wilson, Kenedix Inc. and Hulic Co. acquired The Danforth, a 265-unit community in Seattle, for $173 million. Vanbarton Group sold the asset for $652,830 per unit.

3. Atlanta

Atlanta secured the third spot with sales reaching $1.7 billion. A total of 44 communities—10,888 units—traded during the first six months of this year, an increase from the 36 assets encompassing 8,978 apartments that transacted during the same time frame of 2024 for $1.5 billion.

However, the average price per unit decreased year-over-year, dropping from $177,609 to $169,837. This represents a 4 percent decline.

In one of the largest deals by unit count in the metro in the first half of the year, RADCO Cos. acquired Legacy at Riverdale, a 615-unit community in Riverdale, Ga. Filmore Capital Partners sold the asset completed in three phases between 1969 and 1971.

4. Dallas

After ranking first for multifamily investment in 2023, Dallas came in fourth on our list with $1.6 billion in transactions in the first half of 2025. The metro had 91 assets totaling 23,364 units that traded from January to June, a considerable increase from the $1.2 billion registered during the same time frame in 2024, when 59 properties encompassing 14,102 residences were sold.

The average price per unit also rose year-over-year, from $142,330 to $156,690. The metro also led for property sales across these markets and ranked first nationally in terms of units under construction as of April.

In May, CBRE Investment Management sold Kinstead McKinney, a 376-unit Class A asset in McKinney, Texas. Kalterra Capital Partners acquired the six-building community.

5. Chicago

Chicago’s multifamily investment activity reached roughly $1.4 billion in the first half of 2025, with 39 properties—6,036 units—trading. The total sales volume was almost double the $785.3 million registered during the same time of the previous year. Back then, only 24 properties totaling 3,973 apartments changed hands.

The average price per unit also increased considerably year-over-year. In the first half of this year, apartments sold for $251,732 on average, up 20 percent from the $209,741 recorded during 2024’s same period.

At the beginning of the year, a joint venture between Eastham Capital and Bender Cos. paid $76 million for Haven Hoffman Estates, a 550-unit property in Hoffman Estates, Ill. The asset traded for $138,182 per unit, considerably below the first half of the year’s average.

6. Denver

In the first six months of 2025, Denver’s multifamily sector experienced a slight decrease in both the average price per unit and investment volume. A total of 25 properties encompassing 4,745 units traded for more than $1 billion. This represents a decrease of more than 14 percent in sales compared to the same time frame of the previous year, when 19 assets totaling 4,177 apartments transacted for $1.2 billion.

The market also saw a slight year-over-year decrease in the average price per unit, from $292,449 to $289,560. However, this figure remained above the $213,092 national threshold.

Earlier this year, Evergreen Devco sold Outlook Table Mesa, a 250-unit luxury community located in Wheat Ridge, Colo. FJ Management acquired the asset for $97 million or about $388,000 per unit. The property came online last year.

7. Los Angeles

Los Angeles’ multifamily investment volume reached $970.7 million, with 24 properties—2,997 units—trading. This represents a modest increase in transactions compared to the same time frame of 2024, when 18 assets totaling 2,791 apartments sold for $932.7 million.

However, the average price per unit saw a slight decrease year-over-year. Apartments traded for $339,052 on average in the first six months of 2025, down almost 5 percent from the $355,320 recorded during the same period of the previous year.

In June, MG Properties acquired Citron Apartments, a 314-unit community in Anaheim, Calif., for $144 million. Anton Development sold the asset for about $458,599 per unit, well above the metro’s average.

8. Houston

Houston saw 63 multifamily properties trading in the first half of the year, encompassing 17,340 units. The metro’s total investment reached $960 million, slightly below the $1 billion registered during the same period of 2024 when 57 assets— 14,270 apartments—traded.

The average price per unit also dropped year-over-year, from $122,101 in June 2024 to $121,660. This year’s average price per apartment was also below the $213,092 national threshold and the lowest among the top 10 metros.

In May, Balfour Bety Communities purchased River Pointe, a 300-unit garden-style property in Conroe, Texas. The suburban Houston property, built in 1999, comprises 13 buildings.

9. Portland, Ore.

Portland, Ore., saw 23 multifamily properties trading last year, encompassing 3,174 units. The metro’s total investment reached $644.8 million, more than twice the $295.2 million registered during the same time frame of 2024, when 11 assets totaling 1,564 apartments traded.

The average price per unit slightly increased year-over-year, from $205,254 in June 2024 to $223,097. This figure was about $10,000 above the national index.

10. Kansas City, Mo.

Rounding out the top 10 is Kansas City, Mo. In the first six months of 2025, the market saw $304.8 million in total investment, more than double the $135.1 million registered during the same time frame of last year.

A total of 22 communities—3,250 apartments—traded during this period in 2025, a considerable increase from the 12 assets—2,213 units—that changed hands in the first six months of the previous year. The average price per unit also rose, from $142,245 to $155,691.