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The Dunn Report
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Commercial Real Estate Intelligence
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YTD 2026 · GREATER BOSTON
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Greater Boston Multihousing Market Update
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YTD Transactions, Active Pipeline, BOV Activity & 2026 Outlook
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By Adam Dunn · Managing Director, Berkadia
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April 29, 2026
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$557M
YTD Closed Volume
Deals > $25M
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5
Closed Transactions
Avg ~$111.5M
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~4.6–5.0%
Cap Rate Range
Closed Trades
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$1.12B
Active + Coming Soon
10 Deals
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01 — Transactions
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Transactions YTD over $25M
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Year-to-date, the Greater Boston MSA has recorded total sales of $557 million across deals over $25 million, according to RCA. This is down 42% YOY. The pipeline of active and coming-soon listings points to a meaningful step-up in activity in the near-term.
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Closed · $557M · 5 deals
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Average deal size ~$111.5M. Cap rates ranged from ~4.6% to 5.0% across the closed assets.
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Under Agreement · ~$160M · 2 deals
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Each in the upper-4% cap rate range. Average deal size ~$80M.
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On-Market / Coming Soon · ~$1.12B · 10 deals
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Average deal size ~$112M. Includes both actively marketed and pre-launch opportunities.
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02 — BOV Activity
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BOV Activity
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BOV activity has picked up meaningfully heading into the spring. I anticipate a “wait and see” approach on many of these to determine how the assets currently in the market price — given Rent Control noise — and to realize an operational lift coming out of the spring leasing season.
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03 — Development
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Development Pipeline
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2025 marked a record year of deliveries at ~8,000 units. That figure drops materially over the next two years, providing a constructive supply backdrop for in-place operators.
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The “best-of-the-best” development opportunities are getting capitalized with (mostly) build-to-core institutional capital. We anticipate the trend of strong development sponsors paired with strong development sites will continue to be the beneficiaries of highly selective JV LP equity.
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04 — Outlook
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2026 Projected Volume
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Based on the current transaction pipeline, my 2026 prediction is that Greater Boston realizes $2.5–3.0 billion in sales over $25 million. The decline in anticipated transaction volume is primarily driven by an uncertain regulatory environment, resulting in fewer value-add deals coming to market. Core, Core+, and Development deals will continue to trade given the liquidity in the market and tight fundamentals.
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I anticipate the near-term regulatory risk is overblown and that there will be an amicable resolution for the market. Long-term, Greater Boston will continue to be one of the best markets in the country — remember what people were saying about San Francisco and NYC?
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Boston’s foundation remains its world-class healthcare institutions, colleges and universities, and diverse employment drivers — a combination of demand fundamentals that few markets in the country can match.
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