April 15, 2021
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Top Stories
Apartment investors are increasingly targeting secondary markets, with Dallas, Atlanta, Phoenix and Denver among the most popular cities last year. "The drivers are really property performance and job growth," says Brian McAuliffe of CBRE.
Full Story: WealthManagement (4/6) 
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The Senate voted 53-45 to confirm Gary Gensler as chairman of the Securities and Exchange Commission. Gensler, a former Goldman Sachs partner, led the Commodity Futures Trading Commission under the Obama administration.
Full Story: Reuters (4/14),  Politico (4/14),  Bloomberg (4/14) 
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The economy is at an inflection point, experiencing a broad, accelerating recovery but still facing risk, Federal Reserve Chair Jerome Powell said on "60 Minutes." "The principal risk to our economy right now really is that the disease would spread again more quickly," he said. Looking at the full risk picture, Powell said cyberattacks pose the primary systemic risk in finance. He also said the Fed would "like to see [inflation] on track to move moderately above 2% for some time. ... When we get that, that's when we'll raise interest rates."
Full Story: CBS News (4/12),  Axios (4/12),  The New York Times (4/11),  The Washington Post (tiered subscription model) (4/11) 
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SECURE CAPITAL. STABLE INCOME. STRATEGIC EXITS.
ExchangeRight pursues its passion to empower people to be secure, free, and generous by providing REIT, fund, and 1031 DST portfolios that target secure capital, stable income, and strategic exits. Learn more about ExchangeRight.
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Industry News
ExchangeRight has taken Delaware statutory trust offerings Net-Leased Portfolio 4 DST and Net-Leased Portfolio 14 DST full cycle, generating a total return of as much as 168%. The offerings involving 28 properties had aimed to raise $35.8 million.
Full Story: The DI Wire (4/13) 
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Capital Square 1031 has paid $61.1 million for an age-restricted manufactured housing community in Lakeland, Fla. The 350-homesite property is meant for CS1031 Foxwood Village MHC DST, a Delaware statutory trust offering with a fundraising goal of $44.9 million.
Full Story: Multi-Housing News (4/7),  GlobeSt (free registration) (4/7),  The DI Wire (4/8) 
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Interests in CF Summerfield Multifamily DST, a Delaware statutory trust, have been sold to a joint venture comprising Cantor Fitzgerald Income Trust and affiliates of Cantor Fitzgerald Investors. The DST owns a 478-unit apartment community in Landover, Md., having paid $115.5 million.
Full Story: The DI Wire (4/7) 
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W.P. Carey is investing in a three-asset, 424,800-square-foot hypermarket portfolio in France as part of a $119 million sale-leaseback transaction. "We are thrilled to continue our positive momentum in Europe with the completion of another off-market grocery retail sale-leaseback, an asset class which has proven its resilience during the COVID-19 pandemic," says W.P. Carey's Christopher Mertlitz.
Full Story: GlobeSt (free registration) (4/8),  Investment & Pensions Europe Real Assets (4/8) 
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Real Estate-Focused Alternative Investments
Inland Real Estate Investment Corporation (Inland Investments) is a sponsor and manager of equity and credit commercial real estate alternative investments - REITs, Private Funds, QOFs, and 1031 Exchanges. Consider an allocation to an Inland Investments product for potential income, diversification, appreciation, or tax-deferral strategies.
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Policy Update
When preparing for Securities and Exchange Commission remote exams, advisors and compliance officers should make sure they have filled in Form CRS completely and correctly, says Kristin Snyder, co-deputy director of the SEC's Division of Examinations. Snyder notes many advisors are failing to adequately disclose disciplinary information on the form.
Full Story: Financial Advisor (4/6) 
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The Securities and Exchange Commission has found inconsistencies, shortcomings in compliance and inadequate documentation in firms' disclosure of environmental, social and governance investments. The SEC has issued a risk alert stating firms must ensure consistent compliance across departments and accuracy in public communication on ESG investments.
Full Story: Financial Advisor IQ (4/12),  WealthManagement (4/12),  Reuters (4/12) 
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RIA Focus
Direct lending in Europe by asset managers surged in the fourth quarter, recovering from a slump prompted by the coronavirus pandemic, according to data from Deloitte.
Full Story: Financial Times (subscription required) (4/13) 
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IPA Member Information
Four Springs TEN31 Xchange, a subsidiary of Four Springs Capital Trust, focuses on providing replacement properties for 1031 exchange investors through Delaware statutory trusts. The company's current focus is on industrial and medical properties with long-term net leases. Learn more.
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The talent should speak for itself.
Jennifer Hudson,
singer, actor
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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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