In Florida, in-migration continues to drive demand for multifamily. Stein says people looking to escape high-tax states such as New York and Connecticut are heading south. Within Florida, Pensam primarily focuses on the south and central regions.

"We are benefitting from a lot of in-migration," he says.

While new restrictions and regulations have resulted in some pullback of foreign capital in primary markets, Stein doesn't see that happening to a significant degree in multifamily.

"There's been pullback in major urban areas in other product types, particularly office and hospitality," he says. "In terms of multifamily, the influx of international capital is so diverse, coming from South America, Mexico, Canada, Israel, Europe and Australia. I don't see any slowdown, at least in 2020."

Stein says Pensam by nature and by culture is a niche-oriented investor and lender. The firm has made some large investments into the non-acuity senior housing business. He says that's an interesting niche that the firm will continue to pursue.