National Real Estate Investors' Bendix Anderson looks at the influx of capital coming from international investors, though their frenzied pace this year is only slightly more frenzied than last year's.

In many ways, international investors are looking for a safe-haven amid global capital markets volatility. International buyers have purchase $5.1 billion in apartment communities through June of this year, a historically high figure (over the last decade, foreign investors averaged $5.4 billion in multifamily annually).

But activity this year pales in comparison with 2015, when international investors bought $19.6 billion in apartment properties. That’s a 12.8 percent share of the total $133.5 billion in apartment properties bought and sold that year.

“This is a plateau,” says James Costello, senior vice president for Real Capital Analytics (RCA), a New York City-based research firm.

“Apartment investment is still up, but the volume of investment by internationals is not growing very fast,” says Costello. “It’s up, but not as much as this time last year, when we had double digit growth.”

Commercial properties in the U.S. are still a strong investment, because of the strength of the U.S. economy compared to practically everywhere else and the relatively dependable income from these properties. However, the amount of cash foreign investors have to spend is not unlimited.

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