Market reports, sales updates, comp reports, and investment analysis published on a regular schedule or pulled on request.
Colorado is working through its largest apartment construction cycle since at least 1970. 2023 and 2024 were the two biggest years for new supply on record, 2025 came in only modestly lower, and a large pipeline is still under construction. In Denver, that supply has kept occupancy under pressure and rents soft.
Pricing has reset from the 2021 peak, and sales activity remains well below that year's record pace. Wyoming markets, which are non-disclosure and therefore less transparent, tend to trade at wider spreads reflecting liquidity risk and smaller investor pools.
The buyer pool has shifted since 2021. Syndicators, among the most active buyers at peak pricing, have largely stepped back. Private capital and high-net-worth investors now account for the largest share of transactions, with fund managers holding steady. Well-run processes still produce multiple offers; the difference is in where you price and who you target.
Wyoming has largely sat out the supply cycle. With little new construction, Cheyenne and Casper have kept occupancy high and rents rising, a distinct opportunity for buyers willing to underwrite markets outside the institutional consensus. Across both states, the data below tracks closed sales, volume, and average price per unit back to 2011.
Closed multifamily investment sales across Colorado and Wyoming, 2011–Present. Compiled from third-party databases, public records, and our team’s market knowledge. Use the market links to explore detailed data for each submarket.
Source: CO Multifamily Advisors, updated 10/07/2026. Download the data: market-data.json.
This table reflects closed sales through 2025, plus 2026 YTD totals included in the all-time columns, but our team has up-to-date data on closed and active offerings for owners and investors we’re actively working with. Contact us to discuss your market.
| Market | Total Sales2011–2026 YTD | Total Volume2011–2026 YTD | Share of CO Sales2011–2026 YTD | Recent Sales2023–2025 | Avg. $/Unit2023–2025 |
|---|---|---|---|---|---|
| Denver MetroDenver MSA excluding Boulder-group cities | 3,027 | $69.15B | 69% | 370 | $290,366 |
| Colorado SpringsColorado Springs MSA + Manitou Springs | 555 | $7.49B | 13% | 58 | $204,636 |
| BoulderBoulder, Longmont, Lafayette, Louisville, Superior, Erie, Lyons, Niwot | 206 | $4.57B | 5% | 48 | $309,465 |
| Fort CollinsFort Collins, Loveland, Windsor, Berthoud, Laporte, Timnath, Wellington | 176 | $3.98B | 4% | 24 | $290,626 |
| Mountain TownsSteamboat Springs, Aspen, Vail, Breckenridge, Durango, and other resort markets | 123 | $1.37B | 3% | 30 | $279,088 |
| GreeleyGreeley, Evans, Ault, Eaton, Johnstown, Milliken | 100 | $1.02B | 2% | 13 | $177,116 |
| PuebloPueblo, Pueblo West, Cañon City, Colorado City, Florence, Rye | 87 | $353.9M | 2% | 19 | $88,863 |
| Western SlopeGrand Junction, Montrose, and surrounding Western Slope cities | 63 | $239.0M | 1% | 15 | $156,221 |
| Rural/Tertiary COAll other Colorado cities and towns | 19 | $34.0M | <1% | 3 | $139,297 |
| Affordable Housing (subset of market totals) | |||||
| Affordable Housing (CO & WY)LIHTC & HAP inventory across both states | 336 | $2.91B | — | 71 | $154,220 |
Compiled from third-party databases, public records, and our team’s market knowledge. All closed multifamily investment sales 2011–2026 YTD. Avg. $/unit is a volume-weighted average (total $ volume ÷ priced units), not a median, and excludes transactions without a recorded price.
Wyoming is a non-disclosure state: sale prices are not publicly recorded, so Wyoming is shown separately below with sales and unit counts only. We work these markets actively; contact us for Wyoming deal intelligence.
How many apartment communities sold, for how much, and where, 2011–2026 YTD. These are the cycles behind today’s pricing.
Source: CO Multifamily Advisors, updated 10/07/2026. Download the data: market-data.json.
| Year | Sales | Volume | Avg. $/Unit | Sales vs Prior Yr | $/Unitvs 2021 | Affordable Sales | Distressed Sales |
|---|---|---|---|---|---|---|---|
| 2026year to date | 120 | $1.62B | $206,170 | — | -29% | 10 | 27 |
| 2025 | 177 | $4.76B | $268,102 | -25% | -8% | 17 | 9 |
| 2024 | 237 | $6.27B | $278,624 | +43% | -5% | 28 | 12 |
| 2023 | 166 | $3.76B | $294,916 | -53% | +1% | 13 | 1 |
| 2022 | 352 | $7.95B | $290,414 | -29% | -1% | 19 | 2 |
| 2021 | 494 | $12.63B | $292,174 | +77% | — | 24 | 3 |
| 2020 | 279 | $6.26B | $229,919 | -10% | -21% | 20 | 1 |
| 2019 | 309 | $6.66B | $217,306 | -3% | -26% | 14 | 2 |
| 2018 | 317 | $5.88B | $212,215 | -5% | -27% | 18 | 1 |
| 2017 | 334 | $7.74B | $204,923 | +1% | -30% | 21 | 1 |
| 2016 | 330 | $8.01B | $189,739 | -7% | -35% | 27 | 1 |
| 2015 | 356 | $5.19B | $141,631 | +8% | -52% | 19 | 4 |
| 2014 | 330 | $4.48B | $135,192 | +79% | -54% | 22 | 5 |
| 2013 | 184 | $2.24B | $114,230 | -20% | -61% | 11 | 3 |
| 2012 | 231 | $3.06B | $94,797 | +65% | -68% | 25 | 4 |
| 2011 | 140 | $1.70B | $100,947 | — | -65% | 14 | 7 |
Closed, arm’s-length sales of Colorado multifamily properties with 10+ units, excluding condo, manufactured housing, military, and senior care properties. Avg. $/unit is a volume-weighted average (total $ volume ÷ priced units), not a median, and excludes sales without a recorded price. 2026 is year to date through 10/07/2026, so it is left out of the highlights and the year-over-year column. Gold marks the highest full year in a column, navy italics the lowest. Click a column header to sort.
| Market | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026YTD | Total2011–2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Denver Metro | 102 | 169 | 143 | 228 | 264 | 243 | 236 | 219 | 217 | 183 | 335 | 244 | 111 | 147 | 112 | 74 | 3,027 |
| Colorado Springs | 21 | 33 | 26 | 47 | 46 | 45 | 44 | 40 | 28 | 43 | 69 | 40 | 18 | 23 | 17 | 15 | 555 |
| Boulder | 5 | 12 | 1 | 26 | 17 | 11 | 14 | 17 | 14 | 12 | 11 | 14 | 6 | 27 | 15 | 4 | 206 |
| Fort Collins | 5 | 8 | 5 | 10 | 11 | 16 | 17 | 8 | 16 | 5 | 26 | 15 | 10 | 8 | 6 | 10 | 176 |
| Mountain Towns | 1 | 2 | 5 | 5 | 4 | 6 | 6 | 7 | 11 | 11 | 19 | 14 | 7 | 15 | 8 | 2 | 123 |
| Greeley | 2 | 4 | 2 | 4 | 6 | 4 | 5 | 12 | 7 | 16 | 10 | 12 | 2 | 5 | 6 | 3 | 100 |
| Pueblo | 2 | 0 | 2 | 7 | 5 | 2 | 7 | 5 | 9 | 6 | 12 | 6 | 7 | 3 | 9 | 5 | 87 |
| Western Slope | 2 | 2 | 0 | 3 | 3 | 2 | 2 | 6 | 6 | 3 | 9 | 6 | 4 | 8 | 3 | 4 | 63 |
| Rural/Tertiary CO | 0 | 1 | 0 | 0 | 0 | 1 | 3 | 3 | 1 | 0 | 3 | 1 | 1 | 1 | 1 | 3 | 19 |
| Colorado | 140 | 231 | 184 | 330 | 356 | 330 | 334 | 317 | 309 | 279 | 494 | 352 | 166 | 237 | 177 | 120 | 4,356 |
Number of closed sales. Gold marks each market’s busiest full year. Rural/Tertiary CO covers cities and towns outside the eight markets above; the pinned row is the Colorado total.
| Market | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026YTD | 2025 vs 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Denver Metro | $108K | $100K | $122K | $145K | $147K | $200K | $217K | $226K | $233K | $247K | $324K | $309K | $319K | $289K | $271K | $226K | -17% |
| Colorado Springs | $59K | $54K | $70K | $84K | $89K | $111K | $145K | $144K | $153K | $172K | $184K | $235K | $213K | $229K | $172K | $125K | -6% |
| Boulder | $171K | $124K | — | $202K | $221K | $346K | $262K | $329K | $291K | $191K | $411K | $477K | $408K | $288K | $320K | $324K | -22% |
| Fort Collins | $102K | $105K | $144K | $167K | $184K | $205K | $212K | $143K | $212K | $248K | $250K | $285K | $297K | $278K | $299K | $261K | — |
| Mountain Towns | $66K | $109K | $29K | $88K | $97K | $90K | $71K | $149K | $136K | $238K | $234K | $225K | $107K | $243K | $429K | $524K | — |
| Greeley | $26K | $44K | $52K | $69K | $130K | $161K | $101K | $123K | $168K | $119K | $246K | $168K | $122K | $107K | $267K | $80K | — |
| Pueblo | $43K | — | $24K | $60K | $58K | $42K | $48K | $42K | $64K | $70K | $88K | $108K | $98K | $85K | $84K | $63K | — |
| Western Slope | $128K | $2K | — | $20K | $59K | $35K | $53K | $60K | $92K | $87K | $98K | $88K | $177K | $131K | $164K | $181K | — |
| Rural/Tertiary CO | — | — | — | — | — | $33K | $56K | $51K | $37K | — | $57K | $70K | $51K | — | $169K | $58K | — |
| Colorado | $101K | $95K | $114K | $135K | $142K | $190K | $205K | $212K | $217K | $230K | $292K | $290K | $295K | $279K | $268K | $206K | -8% |
Volume-weighted average sale price per unit. Italic cells have fewer than 5 sales, so the average reflects only a few deals. Gold marks each market’s highest full year with 5+ sales.
| Deal size | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026YTD | Total2011–2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 10-49 units | 55 | 75 | 86 | 147 | 150 | 139 | 155 | 186 | 176 | 160 | 281 | 216 | 111 | 115 | 87 | 62 | 2,201 |
| 50-99 units | 25 | 36 | 25 | 44 | 48 | 39 | 39 | 38 | 34 | 36 | 52 | 35 | 15 | 23 | 27 | 23 | 539 |
| 100-199 units | 18 | 44 | 26 | 53 | 60 | 54 | 47 | 33 | 34 | 26 | 68 | 44 | 14 | 36 | 24 | 19 | 600 |
| 200+ units | 42 | 76 | 47 | 86 | 98 | 98 | 93 | 60 | 65 | 57 | 93 | 57 | 26 | 63 | 39 | 16 | 1,016 |
| All sizes | 140 | 231 | 184 | 330 | 356 | 330 | 334 | 317 | 309 | 279 | 494 | 352 | 166 | 237 | 177 | 120 | 4,356 |
Number of closed Colorado sales by property size (units). Gold marks each size band’s busiest full year.
| City | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026YTD | Total2011–2026 | Units Sold2011–2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cheyenne | 0 | 0 | 1 | 0 | 0 | 1 | 0 | 2 | 3 | 3 | 3 | 7 | 1 | 1 | 1 | 1 | 24 | 2,207 |
| Casper | 0 | 0 | 0 | 0 | 1 | 1 | 0 | 0 | 0 | 1 | 1 | 2 | 1 | 3 | 1 | 0 | 11 | 1,839 |
| Gillette | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 1 | 1 | 3 | 3 | 3 | 0 | 0 | 0 | 12 | 1,328 |
| Jackson Hole | 0 | 1 | 0 | 0 | 0 | 1 | 1 | 0 | 0 | 0 | 2 | 0 | 0 | 0 | 1 | 0 | 6 | 725 |
| Laramie | 0 | 0 | 0 | 2 | 0 | 0 | 1 | 0 | 0 | 2 | 5 | 0 | 2 | 0 | 0 | 0 | 12 | 854 |
| Rock Springs | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 1 | 0 | 0 | 2 | 366 |
| Sheridan | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 2 | 0 | 0 | 3 | 185 |
Wyoming is a non-disclosure state: sale prices are not publicly recorded, so Wyoming shows sales and unit counts only. We work these markets actively; contact us for Wyoming deal intelligence.
We track every Colorado apartment property of 10+ units, whatever its age, and map each one to the year it was delivered. The table shows each year from 1970 through 2025, with older properties grouped as Pre-1970. New supply drives rents, concessions, and pricing, so these delivery cycles are the backdrop for the sales trends on this page.
Source: CO Multifamily Advisors, updated 10/07/2026.
| Decade | Year ending in | Total | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 0 | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | ||
| 2020sthrough 2025 | 16,485 | 15,767 | 16,152 | 20,859 | 29,862 | 17,505 | — | — | — | — | 116,630 |
| 2010s | 2,175 | 1,858 | 5,103 | 9,145 | 10,115 | 12,868 | 10,912 | 12,678 | 20,430 | 14,286 | 99,570 |
| 2000s | 7,336 | 11,412 | 9,912 | 8,171 | 3,961 | 3,816 | 2,531 | 2,041 | 5,474 | 6,001 | 60,655 |
| 1990s | 1,785 | 1,275 | 2,838 | 1,501 | 2,629 | 3,322 | 7,630 | 6,721 | 8,577 | 8,851 | 45,129 |
| 1980s | 5,311 | 4,229 | 4,981 | 6,805 | 11,344 | 9,948 | 9,109 | 5,537 | 2,832 | 623 | 60,719 |
| 1970s | 7,972 | 12,530 | 20,938 | 18,214 | 12,607 | 4,201 | 2,079 | 4,079 | 3,330 | 3,118 | 89,068 |
| Pre-1970 | 58,165 | ||||||||||
Units by year built, for Colorado properties of 10+ units in our current inventory, excluding condo, manufactured housing, military, and senior care properties. Because the count is based on buildings standing today, earlier years exclude demolished or condo-converted properties and understate what was built at the time. 2026 completions are added once the year closes; units under construction come from our development pipeline tracking. Pre-1970 shows the total of all earlier properties still standing. Peak year highlighted. Click a column header to sort. Updated 10/07/2026.
We track every Wyoming apartment property of 10+ units the same way, mapped to the year it was delivered, 1970 through 2025, with older properties grouped as Pre-1970. Wyoming markets are smaller and lumpier than Colorado’s: one new community can set a city’s year.
Source: CO Multifamily Advisors, updated 10/07/2026.
| Decade | Year ending in | Total | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 0 | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | ||
| 2020sthrough 2025 | 142 | 146 | 284 | 674 | 176 | 367 | — | — | — | — | 1,789 |
| 2010s | 648 | 560 | 750 | 231 | 185 | 48 | 280 | 312 | 166 | 370 | 3,550 |
| 2000s | 151 | 136 | 72 | 418 | 485 | 235 | 266 | 182 | 922 | 800 | 3,667 |
| 1990s | 0 | 68 | 0 | 0 | 0 | 16 | 79 | 325 | 343 | 215 | 1,046 |
| 1980s | 848 | 226 | 696 | 277 | 228 | 401 | 120 | 56 | 0 | 0 | 2,852 |
| 1970s | 191 | 136 | 16 | 224 | 62 | 366 | 341 | 1,104 | 355 | 456 | 3,251 |
| Pre-1970 | 587 | ||||||||||
Units by year built, for Wyoming properties of 10+ units in our current inventory, excluding condo, manufactured housing, military, and senior care properties. A property built in phases is counted in the year each phase finished. Wyoming includes the Teton Valley, Idaho towns of Victor and Driggs. Because the count is based on buildings standing today, earlier years understate what was built at the time. 2026 completions are added once the year closes; units under construction come from our development pipeline tracking. Pre-1970 shows the total of all earlier properties still standing. Peak year highlighted. Click a column header to sort. Updated 10/07/2026.
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