Despite ongoing interest rate issues and economic volatility, approximately 1,277 apartment properties were bought and sold in the U.S. in the first quarter of 2025, according to a new RealPage report examining transaction data from MSCI Real Capital Analytics. These transactions equal $30 billion in deal volume, down 38% from the previous quarter, but up 36% year over year.
Over $1.1 billion of this total is made up of the five largest single-asset market-rate sales in the last quarter, ranging from $182 million to $309 million apiece. The properties are concentrated in just three markets, with two in San Diego, two in Boston and one in Washington, D.C. They are:
Park 12
Sale price: $309 million
Buyer: MG Properties
Seller: Greystar
Location: San Diego
Units: 718
Vintage: 2019
San Diego-based property manager MG Properties closed its acquisition of the Park 12 apartment property in San Diego on Feb. 5, making the largest single apartment acquisition in the city since 2020.
Park 12, built and developed by Charleston, South Carolina-based multifamily firm Greystar, is located in the Ballpark Village master-planned community next to Petco Park, home of the San Diego Padres baseball team. The 35-story property includes 43,000 square feet of retail space and offers a fitness center, a sports lounge and game room, salt water and heated pools, a coworking lounge, in-unit laundry and stainless steel appliances.
Altitude Apartments
Sale price: $268 million
Buyer: Rockpoint
Seller: Metropolitan Properties
Location: Malden, Massachusetts
Units: 919
Vintage: 1970
The 55-year old Altitude Apartments, purchased by Boston-based real estate private equity firm Rockpoint on March 31, is located 9 miles north of downtown Boston and encompasses 13 buildings on a 41-acre site.
The units feature open floor plans, newly renovated kitchens and bathrooms and high-end appliances and finishes, according to Rockpoint. Property amenities include a yoga studio, a fitness center, a swimming pool, a billiard and community room, a theater room, basketball and tennis courts, walking paths and an on-site MBTA bus stop serving the Greater Boston area.
The property had previously sold for $181 million in 2007, according to RealPage.
8001 Woodmont
Sale price: $194 million
Buyer: Peterson Cos.
Seller: JBG Smith
Location: Bethesda, Maryland
Units: 322
Vintage: 2021
On Feb. 28, Chicago-based JLL brokered the $194 million sale of 8001 Woodmont in Bethesda, Maryland, to Fairfax, Virginia-based owner and developer Peterson Cos. on behalf of its seller, Bethesda-based REIT JBG Smith.
The 17-story building, built to LEED-Gold standards in 2021, includes 19,452 square feet of retail space, currently anchored by a Trader Joe’s grocery store. Amenities include a fitness center, rooftop terrace and outdoor pool. The property is located within a short distance of the Bethesda Metro Station, connecting to the Metro’s Red Line into Washington, D.C., as well as the future Purple Line light rail system.
Teresina
Sale price: $183 million
Buyer: TIAA-CREF
Seller: Equity Residential
Location: Chula Vista, California
Units: 440
Vintage: 2000
Teresina, a garden-style property located in the Otay Ranch master-planned community in Chula Vista, California, sold in January from Chicago-based multifamily firm Equity Residential to New York-based retirement plan manager TIAA-CREF.
The property’s 440 units range from one to three bedrooms, and feature in-unit laundry, private balconies and stainless steel appliances. Amenities include two swimming pools, a fitness center, grilling stations and a playground. Greystar is the property’s manager.
The apartments previously sold in 2007 for $91.2 million, according to RealPage.
The Kendrick
Sale price: $182 million
Buyer: Harbor Group International
Seller: Toll Brothers
Location: Newton, Massachusetts
Units: 390
Vintage: 2018
The Kendrick, built in 2018 by Fort Washington, Pennsylvania-based home builder Toll Brothers, was sold in early May to Norfolk, Virginia-based real estate investor and manager Harbor Group International for $182 million, according to RealPage.
The five-story property, located 10 miles from Boston, features a library, a fitness center with a climbing wall, a media lounge, a pool and an on-site pub and game room. Units range from studios to three bedrooms, and include in-unit laundry, full glass showers and balconies in select units.
