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Multifamily investment could be showing signs of slowing down as we head into the back half of the year, as investors ease up on their appetite for garden-style properties.

According to a research report from CBRE and data from Real Capital Analytics, overall multifamily investment activity took a 6.9% tumble year-over-year in the second quarter.

Overall sales for the quarter came in at $34.5 billion and cap rates edged down to 5.5%.

The report chalks this up to a $3.9 million or 15% YoY decline in garden-style property acquisitions. This is a total reversal of last year’s trend when investors could not get enough garden-style into their portfolios.

The big performer for multifamily in Q2 was mid-/high-rise investment…