The sale that put Archstone in the hands of Tishman Speyer and Lehman Bros. was the largest multifamily deal in the last decade, coming it at more than $20.8 billion, according to New York-based Real Capital Analytics.

In fact, Archstone was involved in three of the top 10 largest multifamily deals of the last 10 years. The latest Archstone sale is a somewhat close second, while a 2007 portfolio sale during the privitization of Archstone charts in at No. 7.

The most recent acquisition by Equity and AvalonBay should have a ripple effect and help pick up the industry's transaction volume across the board, says Dan Fasulo, managing director at Real Capital Analytics.

“It’s going to create flood of transaction activity, both directly and indirectly,” Fasulo said. “As Equity Residential and AvalonBay shed some of the assets they don’t want, you’re going to see assets pick up around the country just because of this one portfolio deal.”

Here's a look at the top 10 largest multifamily deals in the last decade

Top Ten Deals of the Decade
Rank Year Deal Price
1 2007 Archstone sale to Tishman Speyer and Lehman Bros. $20.8 billion
2 2012 Archstone buyout to Equity Residential and AvalonBay $16 billion
3 2005 ING Clarion acquisition of Gables Residential $2.8 billion
4 2006 Prime Property Fund acquisition of AMLI Residential Trust $2.1 billion
5 2005 Hudson Waterfront Associates sale of Riverside South to Extell Development $1.777 billion
6 2006 Town & Country sale to Sawyer Realty Holdings $1.5 billion
7 2007 Archstone privatization portfolio sale to Irvine Company $1.4 billion
8 2007 Equity Residential sale of Lexford Housing Division to Empire American Holdings $1.086 billion
9 2012 TIAA-CREF buys stake in New York by Gehry Apt. Tower from Forest City Enterprises $1.05 billion
10 2006 Invesco acquisition of Milestone Group $1 billion