Despite the success of the program, Holzmann thinks more action needs to be taken to prevent further economic deterioration. Specifically, Holzmann would like to see the accredited investor status change, which could open up opportunities for people at lower level income levels.

"I've been advocating for additional legislation for some time now along with several other industry leaders," Holzmann says. "The challenge is to balance the legislator's intent of protecting the public from risk they can't afford versus reinforcing a situation where some people have access to high-yield investments, and others don't," Holzmann says.

This is a tricky equation, he continues. "At its core, it is somewhat political and depends on your point of view regarding how much involvement the government should have in your life and, more specifically, your investment opportunities."

While both parties came together to pass the CARES Act, Holzmann doesn't like the political acrimony that has developed around the COVID-19 response.

"The sad thing about this situation is how closely it divides along political lines, with the red states tending to open up quicker than blue states," Holzmann says. "The virus doesn't care about politics, but the decisions of a few governors can have a huge impact." 

While decisions to reopen areas can boost local economies, there are also hazards in acting too aggressively. A second wave of COVID-19 outbreaks could thwart that economic progress. 

"The reality is that it is too soon to tell, and in terms of real estate value, we will need to wait and see the long-term impact of these decisions in terms of the local unemployment, consumer confidence and new construction before we have a better picture," Holzmann says.

Regardless of the speed of reopening, some sectors will fare better than others. Like others, Holzmann thinks apartments are more resilient. But, while better positioned to weather the storm than many other CRE sectors, apartments aren't immune from problems. 

"The same idea holds true for multifamily complexes—some have had a spike in delinquencies as a result of high unemployment, and others are in areas or tiers that have not been hit at all by the virus," Holzmann says. "As centuries of investment knowledge teach us, always diversify."