Investment in apartments remains sluggish. With a combined total of $45.3 million, only two properties meeting Reis’ criteria traded through the first half of 2012 following only six sales in 2011. The average selling price and mean cap rate year-to-date were $114,000 per unit and 7.8%. The 12-month rolling mean cap rate per quarter-end was 9.8%, up from 7.7% a year earlier. In the second quarter’s sole transaction, MAA paid GS 2002 Core Plus Real Estate Income Fund LP $37.0 million ($154,167 per unit) for the 240-unit Adalay Bay market-rate property in Chesapeake. The deal closed in April at a 4.9% cap rate. The Class A property was built in 2007.