The year 2012 is on track to exceed the $1.17 billion in apartment property sales counted by Reis for 2011. For 44 closed transactions, the total for the first half of the year was $711.2 million. The average second quarter selling price and average cap rate were $121,000 per unit (below the $153,000 year-to-date average) and 6.3% (above the 5.6% year-to-date mean cap rate). The 12-month rolling cap rate per quarter-end was 5.4%, down from 5.8% a year earlier. In the second quarter’s largest sale, Greystar paid Archstone and Tishman Speyer $55.1 million ($163,978 per unit) for the 336-unit Canyon Creek Apartments in Bothell. The deal closed in June at a 4.7% cap rate. The Class B/C building, built in 1997 and renovated in 2007, was 5.0% vacant at time of sale. The deal was part of a $91 million multi-property sale involving 558 units.
Deals since the quarter ended include Security Properties’ $20.25 million acquisition of the 59-unit “iconic” 700 Broadway property in Seattle’s Capitol Hill neighborhood, Real Estate Weekly News reported in July. A 10,673-square-foot retail component was included.