RCA in the commercial property press:

Orange's Apartment Market Was Resilient

The News & Observer reports: After years of record sales volume and record prices, lenders have been requiring more equity from borrowers, edging highly leveraged investors out of contention.

Sherman Residential of Deerfield, Ill., bought the Pointe with a 60 percent loan. Two years ago, it was accustomed to borrowing up to 75 percent of the cost of a transaction.

Fewer investors are willing or able to pay 40 percent equity into a deal, which helps explain the stagnant market.

Only $7 million in Triangle apartment sales were closed during the first three months of the year, down 98 percent from an average of $331 million during the same period over the previous five years, according to Real Capital Analytics.

This year's first-quarter total came from the only other Triangle apartment sale this year. In February, The Greens of Pine Glen in Durham sold for $7 million, 24 percent below its tax value , which was assessed near the top of the market.