But for the occasional spike, investment activity remains moderate. The $36 million that changed hands in five deals during second quarter amounted to the smallest single-quarter total since the third of 2010. The average selling price and mean cap rate for the latest quarter’s transactions were $81,000 per unit and 7.9%. Year-to-date averages were similar. The 12-month rolling cap rate per quarter-end was 7.3%, up from 6.6% a year earlier. In second quarter’s largest deal, Fairfield Residential paid BH Management Services Inc. $17.6 million ($88,000 per unit) for the 200-unit Water Place at Woodmont in Tamarac. The deal closed in April at a 6.7% cap rate.