Remember tenant-in-common deals, those fractional ownership offerings that were all the rage—until they weren't? This week, San Diego hosted REISA's (Real Estate Investment Securities Association) Spring Symposium. Formerly known as TICA, the org retooled to span a broad spectrum of alternative real estate investments. Conference chair Angela Strauss, principal of NoMax Group, says there's significant interest for all the major flavors of non-traded REITs, especially seniors care. And there's lots of buzz about new structures coming out for DST investments, with fewer investors in a typical offering—a decision that's being driven by the lenders, she says.

We also chatted with Zach Foreman of the Multi-Strategy Growth & Income Fund, managed by San Diego-based RJL Capital Management. (He posed admirably considering the giant hand attacking him.) Launched two years ago, the closed-end interval fund has $132M in assets under management. About 47% of its current asset allocations are invested in REITs. A considerable amount also is invested in new BDCs, which Zach tells us has filled a void in the capital stack. The credit collapse, coupled with value erosion, has provided "tremendous opportunities" for sponsors and investors to capture upside as the markets continue to recover, he says. That said, he's also hearing people ask how much runway is left.