Over the past two years, apartment properties hit prices never seen before, fueled by huge demand and minuscule interest rates. 

That all changed this summer.

Higher borrowing costs have slowed the once-torrid multifamily sales market as rising interest rates and volatile Treasuries kill deals and make investors nervous. As their financing costs go up, buyers seek discounts, while sellers are reluctant to lower prices. 

Companies with variable-rate loans are also worried, and those in the midst of deals are finding they must bring more money to the table than before.

In this four-part series, Multifamily Dive explores the ramifications of rising rates on the apartment sector and what it means for the future of buying and selling properties.