Sales activity measured by the quarter has been erratic. The total for first half 2012 for 17 deals was $202.6 million, 58.7% of the total accumulated through all of last year. The total for the second quarter alone was $178.6 million for 13 completed transactions. The mean selling price and average cap rate for the quarter’s sales were $52,000 per unit and 8.1%. The 12-month rolling cap rate was 8.6%, up from 8.1% a year earlier. In the latest quarter’s largest deal, third-largest in a year, DRA Advisors LLC paid St. Johns GP LLC $33.0 million ($82,500 per unit) for the 400-unit St. Johns Plantation market-rate property. The deal closed in June at an 8.2% cap rate. The property was built in 1989 and renovated in 2007. The sale was part of a $161 million, four-property portfolio sale of local properties.