According to preliminary research from Jones Lang LaSalle the total volume of apartment sales in 2015 exceeded last year’s record breaking amount. Nearly $139 billion was invested into multifamily housing, exceeding the $106bn spent in 2014’s by 31 percent. Fourth quarter sales in 2015 also set a record as the highest on record thanks to a year-on-year jump of 38 percent to $46 billion. JLL forecasts multifamily volumes will continue to rise in 2016, growing between 5 and 10 percent.
“For the first time in history, sales in the U.S. multifamily sector are within striking distance of office, which also hit a record in 2015 at $141 billion. The numbers are incredibly compelling,” said David Williams, International Director with JLL’s Multifamily Capital Markets. “While institutional investors made up the majority of buyers in 2015, we expect foreign dollars to be the ‘wild card’ in the year ahead. Lagging cross-border investment into the sector will increasingly emerge to boost both volumes and pricing.”
