It was a strong quarter for apartment investment sales as well, with sixteen deals for $172.6 million at a mean price of $148,000 per unit and a mean cap rate of 6.3%. The second quarter of 2011 had also been the strongest of the year at $383.1 million in transactions. In the second quarter of 2012’s largest deal, and the largest of the past 12 months, the 544-unit Waterford in Hayward was sold by AvalonBay Communities to Kennedy Wilson for $86.5 million ($159,000 per unit). The deal took place in June. The rolling 12 month cap rate ended the quarter at 6.8%, highest of the past few years.