Adirondack Capital Partners report: $3.98 billion in tri-state multifamily sales

Manhattan, NY Adirondack Capital Partners (ACP), a commercial real estate investment sales and capital markets advisory firm, has released its 2026 Tri-State Multifamily Capital Markets Report, identifying $3.98 billion in apartment sales across New York, New Jersey and Connecticut through early September 2026. The report examines how billions of dollars in planned semiconductor, life sciences and advanced manufacturing investments are reshaping the Capital Region’s economy and creating new opportunities for multifamily investors and developers.

ACP tracked 59 middle-market multifamily transactions ranging from $20 million to $250 million between January 2 and September 2, 2026, encompassing 11,868 apartment units at an average price of approximately $336,000 per unit. New Jersey led the three-state market with $1.55 billion in sales across 25 transactions, followed by Connecticut with $1.392 billion across 17 transactions and New York, excluding New York City, with $1.04 billion across 17 transactions.

In New York’s Capital Region, four tracked transactions totaling $191.5 million involved 802 apartments at an average price of approximately $239,000 per unit. The transactions included Mansions at Delmar in Albany County, Stoneledge Terrace Apartments in Troy, The Kensington at Halfmoon in Saratoga County and Iroquois Village in Niskayuna.

The Capital Region’s average price per apartment was notably lower than the averages recorded across New Jersey ($329,000), Connecticut ($375,000) and New York outside New York City ($302,000), illustrating the differences in acquisition pricing across the tri-state region.

“The Capital Region has historically been viewed as a stable, relatively affordable multifamily market. What’s changing is the scale of private investment coming into the region,” said Chad Sinsheimer, managing partner at Adirondack Capital Partners. “With major semiconductor and life sciences projects planned, there’s a new growth story developing alongside the area’s traditional economic anchors. For investors, the opportunity is identifying the right properties and locations at an attractive basis as that expansion takes shape.”

Billions in Economic Development Investment Reshape Capital Region Housing Outlook
The report examines several major industrial and technology investments across Albany, Saratoga, Schenectady and Rensselaer counties that could drive employment growth and additional housing demand, including:

• GlobalFoundries: Up to $21 billion in Japanese-funded investment announced in October 2026 to support two new semiconductor fabrication facilities in Malta, with the first targeted to open in 2029

• NY CREATES: Approximately $10 billion in public and private investment associated with the Albany NanoTech Complex and its next-generation semiconductor research initiatives

• Regeneron: More than $2 billion in planned investment in a new Saratoga County manufacturing facility, expected to create approximately 1,000 permanent jobs

• GE Aerospace: A $225 million modernization and expansion of its Niskayuna research and development center announced in September 2026

These investments build upon the region’s established employment base in state government, higher education and healthcare, creating the potential for additional apartment demand across multiple communities and employment centers.

Capital Region Apartment Rents Rise as Development Pipeline Approaches 11,000 Units
According to the report, which incorporates CoStar market data and ACP’s development pipeline research, multifamily market rents in the Albany metropolitan area reached approximately $1,715 per unit in the third quarter of 2026, up 3.5% over the preceding 12 months. Market rents have increased from $1,316 at year-end 2019, while the region’s apartment vacancy rate stood at approximately 4.3%.

Saratoga County recorded the strongest rental performance among the four counties examined, with average asking rents of $1,842 per unit and annual rent growth of 4.6%. Albany County followed with average rents of $1,714 and 3.4% annual growth.

Demand for larger apartments also stands out. Three-bedroom apartment rents increased 31.2% between year-end 2020 and the third quarter of 2026, compared with 17.8% for studios. Three-bedroom units commanded average monthly rents of $2,216 and recorded the lowest vacancy rate of any unit type, at 3.3%, indicating comparatively tight availability for larger rental homes.

New construction is expanding alongside this demand. ACP identified 5,465 apartment units delivered across the four-county Capital Region since 2020, with another 10,951 units in the active development pipeline. Of those planned units, 2,536 are currently under construction, 4,508 have been approved or permitted, and 3,907 remain in the proposal stage.

Saratoga County accounts for 1,681 units currently under construction, approximately two-thirds of the regional total. Albany County has 521 apartments under construction, followed by Rensselaer County with 217 and Schenectady County with 117.

“Saratoga County is one of the most interesting markets to watch right now,” said Jacob Brenner, director at Adirondack Capital Partners. “It has the highest rents and strongest annual rent growth of the four counties we studied, but it’s also responsible for roughly two-thirds of the apartments currently under construction. The question is how quickly employment growth translates into new residents and whether those projects can lease up at the rents developers are expecting. There’s a lot of opportunity here, but understanding the supply pipeline will be critical.”

While nearly 11,000 apartments are included in the region’s active development pipeline, only about 23% are currently under construction. The balance consists of approved, permitted and proposed projects whose timing and eventual completion remain uncertain.

New Jersey Leads Sales Activity; Connecticut Commands Highest Average Pricing
Beyond the Capital Region, ACP’s report identifies several notable investment trends across the tri-state multifamily market.

New Jersey: The state recorded 25 transactions totaling approximately $1.55 billion, with northern New Jersey and the Hudson River waterfront comprising 18 sales. The largest transaction was the $164.4 million sale of Upper Grand in Hoboken, representing approximately $758,000 per apartment. Statewide pricing averaged $329,000 per unit, respectively.

Connecticut: Seventeen transactions generated approximately $1.392 billion in sales, with Fairfield County accounting for approximately $1.04 billion, or roughly three-quarters of the state’s tracked volume. The largest individual property sale was The Point Stamford at $221 million, while Greenwich Place and Greenwich Oaks traded together in a portfolio transaction with an allocated combined value of $356.5 million. Connecticut recorded the highest average price per apartment of the three states, at approximately $375,000.

New York, excluding New York City: Seventeen transactions totaled approximately $1.04 billion, led by Westchester County. The largest sale was Carraway in West Harrison, a 421-unit property that traded for $237 million, or approximately $563,000 per apartment.

Looking ahead, the report identifies the pace of industrial investment, new apartment construction and rental absorption as important factors shaping the Capital Region’s multifamily outlook. With thousands of apartments planned but fewer than a quarter currently under construction, the timing of new development and its relationship to employment growth will be especially important to investors and developers evaluating the market.

The full Tri-State Multifamily Capital Markets Report: January–September 2026 is available from Adirondack Capital Partners here: https://adirondackcapitalpartners.com/wp-content/uploads/2026/10/ACP-tri-state-mulitfamily-report-2026.pdf

Report methodology: ACP tracked multifamily transactions valued between $20 million and $250 million in New York (excluding New York City), New Jersey and Connecticut from January 2 through September 2, 2026. Transaction data includes public records, industry reporting and ACP proprietary deal activity. Regional rent statistics are sourced from CoStar, Q3 2026. Development pipeline figures are based on ACP research.