There were five small apartment investment sales during the quarter, for $29.6 million at a mean price of $94,000 per unit and a mean cap rate of 7.9%. The rolling 12 month cap rate ended the quarter at 7.7%. Over the past four quarters 2,564 units have changed hands for $308 million at a mean price of $120 psf. That is still just 1.5% of the units, implying a 66-year average holding period. The second quarter’s largest sale, meanwhile, was the 110-unit Dover Chase in Toms River which traded for $16.1 million ($146,364) in June. Dover Chase LLC sold it to 5091 Realty LLC.