Real estate has been somewhat mischaracterized during the past few years.
There is a narrative that investors have been moving up the risk spectrum, shifting into value-added and opportunistic strategies because they are seeking higher returns or taking on more risk. That would normally be typical of early-cycle investing. However, there was not necessarily consensus that the past two years represented an early cycle. In fact, many investors were still awaiting full valuation adjustments within their portfolios.
So, has it truly been a preference for ri
