The two apartment investment deals in the second quarter went for a relatively high dollar value to total of $29.9 million, due in part to a relatively high per- apartment price of $72,000. The mean cap rate was 7.5%, but the rolling 12 month cap rate remained at 8.4%. In the larger of the two sales, Flournoy Development sold the 294-unit Estancia in Tulsa to Steadfast Income REIT Inc. for $27.9 million ($94,900 per unit). “Sonoma Grande and Estancia have been the only Class A assets to change hands thus far, doing so at a price of $95,000 per unit,” according to Sperry Van Ness. “Middle-tiered multifamily assets are mostly being passed over by investors who are either entering at the top or very bottom of the market.”