October 21, 2021
IPA SmartBrief
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Top Stories
The Institute for Portfolio Alternatives and other industry groups have expressed opposition to a House measure that would prevent IRAs from holding alternative investments. The measure would "negatively impact the ability of retail investors to access virtually any type of asset other than the most basic publicly traded asset," according to a letter from the groups to House Ways and Means Committee Chair Richard Neal, D-Mass.
Full Story: The DI Wire (10/14) 
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The end of the eviction moratorium in late August has not resulted in the sharp rise in evictions that some had anticipated. Several factors -- including federal rental assistance and a willingness among landlords to work with troubled tenants -- might be limiting the size of the increase, with eviction filings rising 8.7% last month from August, according to Eviction Lab.
Full Story: The Wall Street Journal (10/14) 
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Office leasing activity increased by nearly 8% in the most recent quarter, with gross leasing volume approaching 40 million square feet for the first time since the start of the health crisis, according to JLL. Secondary markets in the Sun Belt and West were particularly active, although total deal volume is still down from 2019.
Full Story: GlobeSt (free registration) (10/15) 
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US hotel trading surged in the third quarter as the overall economy improved, reaching seven times the number of transactions for Q3 of 2020 and six times the dollar volume, according to the LW Hospitality Advisors Major U.S. Hotel Sales Survey. The performance bested 2019 as well, with the number of sales rising 120% and dollar amount 30%, though prices per room dipped by 8%.
Full Story: GlobeSt (free registration) (10/13) 
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Real Estate From Every Vantage Point
Delaware Statutory Trusts | 721 Exchanges | Qualified Opportunity Funds | Core Real Estate Funds

Through a powerful alignment of vertically integrated affiliates, Cantor Fitzgerald's real estate platform offers broad access to critical market data and research, enhanced ability for diligence and underwriting, and superior deal flow enabling the ability to deliver institutional-quality alternative investments to investors. Learn more.
Industry News
The San Jose, Calif., Planning Commission has given Urban Catalyst final permission to construct a high-rise for student housing near San Jose State University. Funding for the project is coming from Urban Catalyst's $131 million Fund I, and the company is fundraising for Fund II.
Full Story: Student Housing Business (10/14),  GlobeSt (free registration) (10/18),  San Jose Mercury News (Calif.) (tiered subscription model) (10/15) 
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Net-Leased Portfolio 48 DST, a Delaware statutory trust offering from ExchangeRight, has raised $39.3 million to become fully subscribed. The offering involves 21 properties in 11 states, and tenants include drugstores, health care facilities and grocers.
Full Story: The DI Wire (10/15) 
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Self Storage is Boring. Three Walls and a Door
SmartStop Self Storage REIT, Inc., through its affiliates, operates one of the largest self storage companies in North America, with approximately $1.8 billion of real estate assets under management, including an owned and managed portfolio of 157 properties in 19 states and Ontario, Canada. Learn more.
Policy Update
The Securities and Exchange Commission should consider how digital engagement practices in the so-called gamification era intersect with Regulation Best Interest, says SEC Investor Advocate Rick Fleming. He says digital engagement practices expose a "significant flaw" in Reg BI as "it appears the DEPs are being used in ways that make the distinction between solicited and unsolicited trades almost meaningless."
Full Story: ThinkAdvisor (free registration) (10/13),  WealthManagement (10/13) 
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A default on national debt has been averted. President Joe Biden has signed a bill that raises the debt ceiling to $28.9 trillion, letting the government pay bills until December.
Full Story: Reuters (10/14),  The Hill (10/14) 
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The general consensus among Federal Reserve policymakers that it is time to taper bond buying does not extend to what the Fed should do, if anything, in response to a surge in inflation. Views expressed recently by Fed officials have ranged from serious concern about inflation to dismissal of the situation as a short-term trend.
Full Story: Reuters (10/14) 
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RIA Focus
The Labor Department has proposed a rule change that would give retirement savings plans freedom to invest in funds based on environmental, social and governance criteria. This marks a reversal of Trump-era rules that limited advisors' ability to include ESG investments in retirement portfolios.
Full Story: Financial Advisor (10/13),  InvestmentNews (tiered subscription model) (10/13),  ThinkAdvisor (free registration) (10/13),  PlanSponsor (10/13) 
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IPA Member Information
Gladstone Securities is the investment banking affiliate of Gladstone Management Corp., an investment adviser headquartered in the Washington, D.C., area. Gladstone Securities specializes in fundraising and strategic advisory services for affiliated funds of The Gladstone Cos. Learn more.
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You have so many extraordinary gifts; how can you expect to lead an ordinary life?
Louisa May Alcott,
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About IPA
The Institute for Portfolio Alternatives (IPA) provides national leadership for the Portfolio Diversifying Investments (PDI) industry. We bring together the investment managers, broker-dealers, investment advisers and industry service professionals - new and established - who are dedicated to driving transparency and innovation in the marketplace. Through advocacy and industry-leading education, we are committed to ensuring all investors have access to real assets and the opportunity to effectively balance their investment portfolios.

The IPA seeks to raise awareness of PDI products among stakeholders and market participants, including: investment advisers, public policymakers and the investing public. We support increased access to investment strategies with low correlation to the broader markets such as: non-listed real estate investment trusts (REITs), business development companies (BDCs), interval funds, closed-end funds, opportunity zones funds, DSTs/1031 Exchanges, and other private placements.

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