By Claudiu Tiganescu | Multi-Housing News
Persistent inflation and high interest rates, as well as safe Treasury notes, have fueled a slowdown in multifamily investment throughout the U.S. earlier in the year. The national sales volume was down more than 10 percent during the first five months of 2026 compared to the same period of last year, according to a Yardi Matrix report.
Headwinds have been felt nationally and Western U.S. markets were no different, as many of these metros logged year-over-year declines in sales volumes. Here are the top 5 metros across the region for multifamily transaction activity year-to-date through May, according to Yardi Matrix data.
Phoenix
The Valley of the Sun ranked first among Western multifamily investment markets during the first five months of 2026. Companies acquired 21 assets comprising 5,198 units for a total of nearly $1.1 billion.
Phoenix’s investment activity eased 24.1 percent year-over-year, despite leading this list handily. Pricing power remained relatively stable, as the assets that sold during the first five months of 2026 commanded an average of $272,309 per unit, marking just a slight 1.6 percent contraction year-over-year.
Stockdale Capital Partners is one of the companies bullish on Phoenix multifamily investment, closing a couple of deals north of $100 million toward the end of 2025 and the start of 2026. One such trade closed in January when Stockdale paid $110.3 million for Avant at Fashion Center. Starlight Investments sold the 335-unit property.
