July 25, 2017
Investors spent more money to buy apartment properties in the second quarter of 2017 compared to the first quarter — but not nearly as much as they spent in the Q1 2016.
“It could be too early to call, but the multifamily market likely troughed in the first quarter,” said Shimon Shkury, president and founder of Ariel Property Advisors. “The market noticeably bounced back in recent months, and we have seen a significant pickup in activity.”
Softness in the first quarter spilled into April, but sales activity picked up markedly in May and June, culminating with the year’s first $100 million sale, which took place in Brooklyn. On a quarter-over-quarter basis, volume metrics increased in every sub-market, with the City registering the highest amount of transactions since the third quarter of 2016.
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