Healthcare and residential REITs led the way with gains over 4% in April. Some other segments were down 2% during the month.

The path is paved for real estate debt funds to get into the mix with more opportunistic plays, including in the office sector.

Real estate debt funds are targeting all types of strategies, but are becoming particularly active on construction financing, an area where the pullback from banks has been more severe.

Some of the bigger players are still making deals. But the majority are waiting for market dislocation to work itself out so they can take advantage of the resulting bargains.

Lending terms might have tightened, and deals are being scrutinized more closely, but the capital is there.

Low leverage and all-cash buyers continue to drive activity in the net lease space. But investors are tightening acquisition criteria to account for higher risk.

In the past three months, trading in private real estate secondaries, including non-traded REITs, BDCs and private placements, has increased by an order of magnitude compared to last year, says the CEO of LODAS Markets.

Opportunities remain for HNWIs and other players to invest in opportunistic funds or as L.P.s with private multifamily developers.

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