The multifamily real estate market, a cornerstone of commercial property portfolios, continues to show resilience even as transaction volumes saw a dip in 2024. With persistently higher interest rates and a robust supply of new units in certain areas, the industry adopted a more cautious stance. Yet, the fundamentals remain strong: average advertised asking rents nudged up to $1,742, and the national occupancy rate held steady at a healthy 94.5 percent. The broader economy, too, proved its mettle, with unemployment hovering around 4 percent and consumer spending showing an upward trend.
Against this backdrop, Multi-Housing News has unveiled its 2025 ranking of the Top Multifamily Real Estate Brokerage Firms, highlighting the powerhouses that navigated these currents. This year's list features 16 leading firms, including a tie for fifth place, reflecting the dynamic nature of the sector.
The Leaders in Multifamily Sales
Once again, Marcus & Millichap has claimed the top spot, a testament to their consistent performance. They facilitated an impressive $24.4 billion in multifamily sales over the past year, a notable increase from $19.5 billion in 2023. With a formidable team of over 500 multifamily brokers, they've demonstrated expertise across a wide spectrum of properties, from market-rate apartments to senior housing communities. A significant deal in their portfolio was the $147 million sale of The Silverado Apartment Homes in Murrieta, California.
Following closely is Colliers, securing the second position. Operating globally across 70 countries, Colliers reported sales totaling $5.6 billion, a slight decrease from the previous year. Their strength lies in managing a diverse range of assets, with over 250 brokers dedicated to the multifamily sector. Their ability to handle large-scale transactions was evident in the $740 million sale of a manufactured housing portfolio comprising 74 communities.
Berkadia lands at number three, showcasing significant growth. With offices nationwide and 180 brokers focused on multifamily, they closed $10.2 billion in sales, a substantial jump from $7.7 billion in 2023. Their involvement in a 152-unit single-family rental (SFR) community sale in Roseville, California, valued at $65 million, highlights their diverse capabilities.
Northmarq takes the fourth spot, demonstrating an upward trajectory. Boasting over 50 offices and more than 120 multifamily brokers, they achieved $4.6 billion in sales, up from $3.5 billion in 2023. Their focus areas include market-rate properties and SFR assets, with a notable transaction being the sale of Yardly Dechman, a luxury build-to-rent (BTR) community in Grand Prairie, Texas.
This year's fifth place is a tie, shared by two industry giants: Newmark and CBRE. Newmark, with its extensive global network, arranged $16.5 billion in multifamily sales, though down from $29.4 billion in 2023. They played a key role in facilitating a student housing acquisition in St. Louis. CBRE, a global leader present in over 100 countries, facilitated $33 billion in sales, a slight decrease from $35 billion. Their portfolio included what is described as the most expensive manufactured housing community (MHC) transaction in Colorado's history.
These top firms, collectively responsible for $109.7 billion in multifamily transactions in 2024, underscore the continued importance and activity within this vital real estate sector, even amidst evolving market conditions. Their ability to adapt and execute deals across various property types and price points is crucial for investors and stakeholders alike.
