Market reports, sales updates, comp reports, and investment analysis published on a regular schedule or pulled on request.
The Colorado multifamily market is transitioning out of a two-year supply correction. Denver absorbed roughly 20,000 new units between 2022 and 2024 — one of the largest delivery cycles in the metro's history — which pushed vacancy up and stalled rent growth. That wave is largely behind us. Deliveries have slowed sharply, the construction pipeline remains thin, and effective rents are recovering as concessions burn off. Sellers who held through the supply cycle are entering a meaningfully better window in 2025 and 2026.
Cap rates across the Front Range range from 4.25% to 7.0% depending on market, asset class, and vintage. Boulder and select Denver submarkets continue to trade at the compressed end of that range, reflecting the premium buyers place on supply-constrained locations with strong income demographics. Fort Collins, Greeley, and Colorado Springs offer yield premium over Denver, attracting value-add buyers and investors benchmarking yield against rising interest rates. 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 in composition since 2021. Institutional capital, which competed aggressively for core assets at peak pricing, has pulled back. The most active buyers today are private capital: family offices, fund managers, and 1031 exchange investors filling the gap at middle-market price points. Well-run processes still produce multiple offers; the difference is in where you price and who you target.
Wyoming presents a distinct opportunity for buyers willing to underwrite markets outside the institutional consensus. Cheyenne and Casper have posted durable occupancy through multiple economic cycles, and the state's energy-sector base supports household formation that doesn't exist in comparable-sized Colorado markets. Across both states, the data below tracks closed transaction volume, median price per unit, and year-over-year changes back to 2011 — a 15-year dataset that captures two full cycles.
Closed multifamily investment sales across two states and 14+ markets, 2011–2026 YTD. Compiled from third-party databases, public records, and our team’s market knowledge. Use the market links to explore detailed data for each submarket.
This table reflects closed sales through 2024, 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 | Median $/UnitAll-time | 2024 Sales | 2024 Median $/Unit | 2024 Volume | $/Unit Change2019→2024 |
|---|---|---|---|---|---|---|
| Denver MetroDenver MSA excluding Boulder-group cities | 3,022 | $165,386 | 151 | $215,000 | $4.7B | +22% |
| BoulderBoulder, Longmont, Lafayette, Louisville, Superior, Erie, Lyons | 206 | $238,315 | 26 | $247,738 | $717M | -13% |
| Colorado SpringsColorado Springs MSA + Manitou Springs | 547 | $93,554 | 23 | $128,750 | $355M | +24% |
| Fort CollinsFort Collins, Loveland, Windsor, Johnstown, Wellington, Eaton, Ault | 173 | $220,000 | 9 | $263,528 | $356M | +32% |
| GreeleyGreeley, Evans | 87 | $113,978 | 3 | $119,688 | $24M | -2% |
| Western SlopeGrand Junction, Montrose, and surrounding Western Slope cities | 86 | $77,083 | 11 | $106,667 | $49M | +62% |
| Mountain TownsSteamboat Springs, Aspen, Vail, Breckenridge, Durango, and other resort markets | 88 | $166,667 | 10 | $300,000 | $135M | +90% |
| Wyoming Markets * | ||||||
| Cheyenne | Confidential — Non-Disclosure State | |||||
| Casper | Confidential — Non-Disclosure State | |||||
| Gillette | Confidential — Non-Disclosure State | |||||
| Jackson Hole | Confidential — Non-Disclosure State | |||||
| Laramie | Confidential — Non-Disclosure State | |||||
| Rock Springs | Confidential — Non-Disclosure State | |||||
| Sheridan | Confidential — Non-Disclosure State | |||||
Compiled from third-party databases, public records, and our team’s market knowledge. All closed multifamily investment sales 2011–2026 YTD. Median $/unit excludes transactions without a recorded price.
* Wyoming is a Non-Disclosure state. Sale prices are not publicly recorded, and transaction-level data is confidential. We work these markets actively — contact us for Wyoming deal intelligence.
We publish regular market reports and make our full research platform available on request, at no cost to clients and prospects. Everything below is available to you.
Vacancy trends, rent growth, new supply pipeline, and recent transaction activity across the Denver metro area. The data we use to counsel our own clients, published every quarter and delivered directly to your inbox.
Subscribe to Receive →A concise monthly roundup of notable multifamily investment sales activity across Colorado and Wyoming, including closed transactions and price-per-unit trends. A quick-read format delivered directly to your inbox.
Subscribe to Receive →Colliers publishes institutional-grade multifamily research at the national and regional level, including capital markets outlooks, interest rate analysis, sector forecasts, and comparative market data across major metros. We can share the reports most relevant to your market and investment profile.
Request Research →Actual closed transaction data for your submarket, including price per unit, cap rate, GRM, buyer profile, and financing terms. Whether you're preparing to sell, underwriting an acquisition, or benchmarking your current hold, we can pull recent comps tailored to your asset type, vintage, and geography.
Request Sales Comps →Current asking and effective rent data by unit type for comparable properties in your submarket. Useful for owners evaluating renovation ROI, investors underwriting a value-add acquisition, and developers stress-testing pro formas against real market rents.
Request Rent Comps →Not sure whether to sell, hold and refinance, or deploy capital into a new acquisition? We'll build a straightforward analysis that models each path, including current equity position, projected sale proceeds, refinance economics, and acquisition alternatives, so you can make an informed decision with real numbers.
Request an Analysis →