There were five apartment investment sales during the second quarter, for $63.9 million at a mean price of $113,000 per unit and a mean cap rate of 6.0%. It was the strongest quarter for apartment sales since the third quarter of 2010. The quarter’s leading sale took place in June, when Evergreen Development LLC sold the 164-unit University Commons in Minneapolis to American Campus Communities Inc. for $31 million ($189,000 per unit). The 1,630 units that have sold over the past 12 months equal 1.2% of the inventory.