Apartment investment sales that meet Reis’ criteria picked up moderately in the first half of 2012 as $121.7 million changed hands in 25 transactions. The total for the second quarter alone for 11 completed deals was $56.9 million. The average selling price and mean cap rate for the quarter’s transactions were $133,000 per unit and 7.8%. The 12-month rolling cap rate per quarter-end was 8.7%, down from 9.3% a year earlier. In the quarter’s largest sale, the largest in a year, Alton Pointe LLC paid Ram Real Estate $20.44 million ($173,220 per unit) for the 118-unit Alton Pointe property in Miami Beach. The deal closed in April at a 6.9% cap rate. The Class B/C project, built in 1940, was 4.0% vacant at time of sale.
Since the quarter ended: In what GlobeSt.com described in August as “South Florida’s largest multifamily sale of the year,” TIAA-CREF paid a pension fund advised by Heitman $52.25 million, more than $400,000 per unit, for the 120-unit Residences at the Village at Merrick Park property at 4251 Salzedo Street, Miami.