Apartment investment sales had been more active, but no properties changed hands in the second quarter. The rolling 12 month cap rate, based on five deals in the fourth quarter of 2011 and the first quarter of 2012, is 6.3%. Per unit prices for the two quarters were $66 and $69. The 685 units that traded over the past four quarters represent 2.4% of the market-wide inventory. As this implies a holding period of more than 40 years, sales volume remains lower than expected for a market this size.