According to MSCI data, transaction volume in the multifamily sector remained sluggish in the first half of 2026, with April saleshitting lows not seen since 2020。

However, M&A activity provided support to the market. For example, in May, the privatization of Veris Residential was completed—the first billion-dollar entity deal to reach closing since 2024—which, according to MSCI,drove a 34% month-over-month increase in sales。

In recent months, more M&A announcements have emerged in the multifamily sector. Some involve mergers between two large REITs, while others have facilitated consolidation between companies with large management platforms and development pipelines.

Below is an overview of the most significant multifamily M&A transactions announced in the first half of this year.

1. Veris Residential privatization (completed in May)

Led by a private equity group, the deal privatized Veris Residential at an enterprise value of approximately $3.8 billion, making it the first completed billion-dollar entity transaction since 2024. Following the closing, Veris's stock was delisted from the New York Stock Exchange.

2. Merger announcement between two large REITs (June)

In early June, two large multifamily REITs announced an all-stock merger agreement, and the combined entity will become one of the largest publicly traded multifamily landlords in the United States. The transaction is expected to close in the fourth quarter of 2026, subject to shareholder and regulatory approvals.

3. Management platform and development pipeline consolidation (mid-June)

An operator with a strong property management platform announced the acquisition of another company known for its development expertise, at a transaction value of approximately $2.5 billion. The acquisition will expand its national operating footprint and add a three-year development pipeline.

4. Regional portfolio acquisition (May)

A private equity fund announced the acquisition of a portfolio of properties in the Sun Belt from a publicly traded REIT, involving approximately 5,200 units, with the transaction amount undisclosed. The seller stated that the move aims to optimize asset allocation and focus on core markets.

5. Joint venture formation (April)

Two institutional investors announced the formation of a joint venture to invest up to $1.5 billion over the next two years in the acquisition and development of multifamily projects. The joint venture will focus on employment centers with strong rent growth.

6. Small REIT acquired (March)

A small multifamily REIT agreed to be acquired by a non-listed investment trust, with a transaction consideration of approximately $850 million, including debt assumption. The deal was completed in June, bringing the target company's portfolio into the acquirer's asset pool.

The above M&A activity reflects that despite weak overall transaction volume, capital is still seeking opportunities through consolidation and strategic deals. MSCI data shows that as of the end of June, total M&A transaction value for the year had exceeded the same period in 2025, indicating that market confidence is gradually recovering.