A mere 25 years ago, multifamily housing was not even considered an institutional-grade property type. Today, it is on pace to attract more than $105 billion from institutional investors, setting a new investment record for the property class.

A report from CBRE shows that multifamily sales volume totaled $73.1 billion during the first nine months of the year, a 3 percent jump when compared with the same period in 2013. If the current pace of investment continued through the remainder of the year, 2014 investment would reach $105.2 billion, slightly surpassing the prior peak of $105.1 billion set in 2007. If multifamily transaction activity hits that target, it will be the first property sector to return to 2007 sales levels.

Mid-rise and high-rise property sales rose 75 percent year-over-year in third quarter 2014. If this year’s pace of sales held up in the final quarter, 2014 sales of those properties will top the record level of $38.1 billion set in