Surprisingly given the strength of the apartment market, apartment sales petered out in the second quarter as Reis recorded only one deal. In May, the 75-unit Norfolk Village in Mahwah was sold by K Hovnanian at Mahwah IV to Panyork Mahwah LLC for $7.3 million ($97,333 per unit). The cap rate for the sale was 8.3%; the rolling 12 month cap rate was 7.5%, in-line with earlier readings. Marcus & Millichap reports increased sales activity and high interest in New Jersey properties, so it is possible that more deals will close in the second half of 2012.