Portfolio construction in uncertain markets needs to include non-U.S. stocks, securitized debt, liquid and illiquid alternatives, according to speakers at the Morningstar Investment Conference.

While much capital stalled earlier this year, those with liquidity and friendly relationships with their lenders can strike while the iron is hot and acquire value-add assets for their single-family portfolios.

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.