Multifamily investment sharply dropped in 2023, after two years of outstanding performance. The high cost of capital led to a pause in activity across the U.S., seriously denting sales volumes. In this context, we’re taking a look at what the top markets for multifamily investment were last year, leveraging Yardi Matrix data.
6. Boston – Clocking in at number six, metro Boston recorded a total of $2.5 billion in sales, which was down 27.8 percent year-over-year. Investors traded 28 properties—encompassing 5,370 units—last year, at an average of $429,169 per unit, which was more than double the national average.
Investors favored the upscale segment in Boston as well, with 17 transactions of Lifestyle assets (3,397 units) totaling nearly $2 billion. The average price per unit for Lifestyle sales was $517,830, one of the highest in the nation. Meanwhile, a total of 11 RBN assets traded (1,973 units) for a total of $545 million, at $276,517 per unit on average.
Source: Top Markets for Multifamily Investment in 2023 – Multi-Housing News
