Four apartment-complex sales tracked in the Capital Region totaled $191.5 million this year, covering 802 units at an average of roughly $239,000 per apartment. The transactions offer one measure of market activity; the larger question for the region is how much proposed housing will move from the pipeline to construction. Across New York, New Jersey and Connecticut, the report counted $3.98 billion in multifamily sales through early September.
What the Sales Figures Capture
The figures come from a 2026 tri-state multifamily capital markets report by Adirondack Capital Partners, a commercial real estate investment sales and capital markets advisory firm. Its dataset covers 59 middle-market transactions valued between $20 million and $250 million from January 2 through September 2, encompassing 11,868 apartment units at an average price of about $336,000 per unit. The firm said it drew on public records, industry reporting and its own proprietary deal activity. New Jersey led by volume, with $1.55 billion across 25 transactions; Connecticut recorded $1.392 billion across 17 deals; and New York outside New York City recorded roughly $1.04 billion across 17 transactions.
Within that dataset, the four Capital Region sales were Mansions at Delmar in Albany County, Stoneledge Terrace Apartments in Troy, The Kensington at Halfmoon in Saratoga County, and Iroquois Village in Niskayuna. Jacob Brenner, a director at Adirondack Capital Partners, said Saratoga County had the highest rents and strongest annual rent growth among the four counties studied, and accounted for roughly two-thirds of the region's apartments under construction.
Where Rents and Construction Are Concentrated
In the report's county comparison, Saratoga County's average asking rent was $1,842 per unit, with 4.6% annual rent growth, the strongest of the four counties examined. Albany County's average rent was $1,714 per unit, with 3.4% annual growth. Albany metropolitan-area rents overall reached approximately $1,715 per unit in the third quarter, up 3.5% over the preceding 12 months and climbing from $1,316 at year-end 2019. The region's apartment vacancy rate stood at about 4.3%.
The report counted 1,681 units under construction in Saratoga County, compared with 521 in Albany County, 217 in Rensselaer County and 117 in Schenectady County. Regionally, three-bedroom apartments had the steepest rent increases, rising 31.2% between year-end 2020 and the third quarter of this year to an average of $2,216 per month; their vacancy rate was 3.3%. Studio rents rose 17.8% over the same period.
How Much of the Pipeline Is Moving?
The Capital Region has delivered 5,465 apartment units since 2020, while the report puts its active development pipeline at 10,951 units. Of those pipeline units, 2,536, or about 23%, were under construction; another 4,508 were approved or permitted, and 3,907 remained in the proposal stage. Those stages represent different degrees of progress, and proposed projects do not have a certain construction or completion date.
Chad Sinsheimer, managing partner at Adirondack Capital Partners, said the Capital Region has historically been viewed as a stable, relatively affordable multifamily market, but that the scale of private investment now flowing into the area is changing that picture. That investment includes GlobalFoundries' announcement of up to $21 billion in Japan-funded investment for two new semiconductor fabrication facilities in Malta, with first openings targeted for 2029, according to GlobalFoundries, alongside NY CREATES' roughly $10 billion in public and private funding tied to the Albany NanoTech Complex and next-generation semiconductor research. Regeneron has also announced plans for a manufacturing facility in Saratoga County exceeding $2 billion, expected to create approximately 1,000 permanent jobs, as reported by Empire State Development, while GE Aerospace announced a $225 million modernization and expansion of its Niskayuna research and development center, as noted by Times Union. Those industrial and technology investments build on an employment base already anchored by state government, higher education and healthcare, according to the report.
Permits and Affordable Housing
Annual permit figures provide another measure of activity, though they are not directly equivalent to the report's active pipeline total. The Capital District Regional Planning Commission reports that 1,165 multifamily units in the Capital Region received permits in 2024, up from 931 in 2023. CDRPC cautions that a permit does not mean a project will be built: funding delays, plan changes or regulatory hurdles can delay or cancel developments. Separately, New York State Homes and Community Renewal announced more than 200 new affordable apartments in Saratoga Springs, a distinct affordable-housing effort from the apartment sales discussed here, according to New York State Homes and Community Renewal.
The Capital Region in a Tri-State Market
Elsewhere in the tracked three-state footprint, deal sizes dwarfed the Capital Region's activity. Carraway, a 421-unit property in West Harrison, New York, sold for $237 million, or about $562,945 per unit, according to CoStar, in a deal involving a joint venture of Kennedy Wilson, Kenedix and Hulic. Westchester County led New York sales outside New York City, and the statewide average price per apartment outside the five boroughs came in at $302,000.
In New Jersey, the largest transaction was the $164.4 million sale of Upper Grand in Hoboken, representing roughly $758,000 per apartment, with the state's average price per unit at $329,000. Connecticut's biggest single-property sale was The Point Stamford at $221 million, with Fairfield County accounting for roughly three-quarters of the state's tracked volume. A portfolio transaction involving Greenwich Place and Greenwich Oaks carried an allocated combined value of $356.5 million, and Connecticut's average price per apartment landed at $375,000, the highest of the three states tracked.
Adirondack Capital Partners has also been active on smaller Capital Region deals: the firm negotiated the sale of Ridgeview Townhomes & Apartments, a 96-unit community in Wilton, to Yakar Partners for an undisclosed price. The report identifies the pace of industrial investment, new apartment construction and rental absorption as key factors that will shape the region's multifamily outlook going forward.
