The apartment deal volume for November 2016 was $10.8 billion, up 28% year-over-year from November 2015, according to the November 2016 U.S. Capital Trends Apartment Report from Real Capital Analytics.

In a departure from growth trends for much of 2016, portfolio and entity-level sales led this month’s volume growth, with a 170% YOY rise in sales volume, up to $3.6 billion for the month. At the same time, single-asset sales volume only rose 2% year-over-year.

Across the entire year, the pace of single-asset sales through the end of November was 8% higher than the pace set over the same period in 2015. By the same year-to-date metric, megadeal volume growth is down 10% from the pace set in 2015. Ten deals, all with an apartment component valued at over $100 million, made up 79% of the megadeal volume in November of this year. “The gains there were broad-based and typical of a year-end rush,” RCA said in its report.

Mid- and high-rise apartments posted greater deal volume gains in November than garden-style assets. Single-asset mid/high-rise deal volume rose by 31% in November, as opposed to a 9% year-over-year decline in single-asset garden apartment deal volume. Garden-style sales still received more capital than mid/hig-hrise, with $4.7 billion in garden-style sales over $2.6 billion in mid/highrise sales.

Cap rates were down 50 basis points year-over-year to 5.5% for garden-style apartments, and down 20 basis points from October. Cap rates for mid/high-rise apartments have seen relatively little movement month-over-month, and remain at 5.1% year-over-year.