China’s distressed-debt managers have been in turmoil as aggressive lending to embattled developers and unchecked expansion into other areas during the sector’s boom years has beset the $730 billion funds with heavy credit losses.

Mini-tenders have been a thorn in the side of nontraded REIT sponsors, and they are also on the receiving end of backlash from other industry participants.

While once institutional allocations were weighted towards retail and office, they have responded to long-term structural shifts and refocused on industrial, multifamily and data centers.

Despite the hefty increases, some apartment owners say rents for many tenants remain below accepted affordability ceilings.

Unlike institutional players, TIC investors want passive income and long-term holds, which works better for the types of deals Investors Management Group pursues, says the firm’s founder.