Now that going-in yields on cash-flowing core properties are about as thin as they have ever been, more investment officers and real estate managers are heeding that century-old strategic advice from Major League Baseball hall of famer Wee Willie Keeler: “Hit ’em where they ain’t.”

Rather than slugging it out amid the ferocious competition eroding core capitalization rates, many tax-exempt investors are looking to boost yields by allocating more capital to higher-risk vehicles and ventures where fewer players are willing to place their bets.

Real estate adviser P.J. Yeatman at CenterSquare Investment Management offers an updated version for the prevailing domestic investment environment: “Where there’s a dearth of capital, it can be quite advantageous to sift through what’s buried in the rock pile.”

CenterSquare and other GPs are aiming to stretch investment singles into do