If you want your funds to stretch further than Raleigh (which I understand) you might look at some adjacent markets that still have solid fundamentals in terms of population and income growth and employer diversification.

Diversification is the only free lunch as they say in business school.

This gives you diversification and will ultimately help your apartment community with occupancy and NOI. 

If it'sasset preservation versus growth I think a fund versus individual syndication is a better option because its 401k money and also because you have diversification of investing in multipleassets.

While they may not offer investors the security of direct investment in bricks and mortar, diversification from other assets, or the ability to control the value of their assets, it can potentially be a vehicle of passive income.Own a Real Estate BusinessPerhaps you aren’t a big fan of buying and holding rentals.

Don't forget diversification is crucial.If you wake up tomorrow and buy the first thing you see, i hope you crush it, but otherwise please don't be another investor who thinks that real estate comes with 0% risk.

However, it gets more complicated, typically portfolios have either a premium or a discount added to the value depending on the diversification of the portfolio as well as the overall condition of the properties. 

IRA is a great diversification tool as well.Keep in mind, the plan would need to fund the deal, not assist you in funding a deal.

I will be helping the LP select a property operator, so the GP really needs to source land or properties for rehab, do the development process, and then monitor the property's performance and look for exits and the other things a GP does while owning a hotel.Ultra high net worth individuals who can take down numerous $20 million properties usually need family office support to manage their finances (capital preservation, diversification, insurance, charitable giving, wealth transfer, tax services, access to thousands of conservative investment offerings, etc.).Ground up hotel development with a new sponsor in the space should not be an option, particularly at this point in the cycle. 

Do you want them spread out for diversification?