No fewer than 12 investment managers are raising funds for unlisted REITs this year, accounting for more than $20 billion in capital--particularly from private and individual investors looking to place money into real estate. At this rate, the non-traded REIT pool will become almost as large, in terms of investment capital, as public REITs.

Whereas public REITs have sold some $10 billion in assets this year, unlisted REITs shed just $500 million overall, resulting in a net 2009 investment of $2.9 billion--second only to the developer and owner/operator group.

In the apartment market specifically, non-traded REITs increased their spending and market share this year. This marks a change from last year, when this group reduced its allocation to the sector significantly.