Apartment transactions jumped 65% to $19.6 billion in October and there was one major reason why—the closing of Lone Star Funds' privatization of Home Properties, according to Real Capital Analytics (RCA).

“With a $7.6 billion sale price, this one deal accounted for 39% of total apartment volume for the month,” RCA wrote in its report. “Without this one deal, volume would have been flat [year over year]."

The effects of the deal, which has drawn notice from The Huffington Post, were most clearly seen in the garden sector, which saw volume jump 87%. “Volume was up so strongly for the garden apartment sector due to the heavy exposure of the Home Properties portfolio to this segment of the market,” RCA said.

The mid- and high-rise segment saw a 19% increase in volume in October, as their cap rates of 5.1% remain unchanged. In the garden segment, cap rates fell 20% year over year to 6%. Overall, cap rates fell to 5.8% in October.

While Home moved the needle last month, two deals announced during October should have effects for the month ahead: Starwood Capital Group's $5.4 billion purchase of 23,262 units from Equity Residential, and Blackstone Group and Ivanhoe Cambridge’s $5.3 billion purchase of Stuyvesant Town, which is being challenged in the courts.