Landmark Partners tallied 100 real estate secondary transactions, representing $5.3 billion of net asset value that closed or were placed under contract in 2018. The aggregate dollar volume of $5.3 billion represents a 12 percent decline from the $6.0 billion transacted in 2017; however, it is a 6 percent increase from the $5.0 billion transacted in 2016. And the 2018 transaction volume was achieved despite no large-scale transactions of $1 billion or more closing during the year. In 2017, the total real estate secondary transaction volume included the sale of a $2 billion portfolio by a university endowment.

The 100 transactions logged last year continues the pacing of an average of 100 transactions logged per year from 2015 to 2017. Most real estate partnerships traded were U.S.-focused (48 percent) or European-focused partnerships (35 percent), followed by Asian funds (11 percent), and global or other funds (6 percent). Approximately half of the sellers involved in 2018 tr