If you had $100M to invest in CRE today what property type and market are you investing in?

Not sure this is where you were going, but public REITs. Massive NAV discounts in apartment, office and retail sectors leading to great opportunities to purchase high quality portfolios with high dividend yields and significant appreciation upside. Apartments appears to be the most egregious in my opinion. Apartment sale and financing markets have remained very liquid throughout covid with cap rates continuing to compress across most markets - yet the large public REITs are trading in the mid/high 5% cap range (+/-150bps over private market valuations). And you can get a 4%+ dividend yield in some if you're willing to bet on California not physically falling off of the map.

Office & retail obviously have more working against them from a headline perspective, but the valuations there don't make any more sense. Most private market office trades have been in core assets (so we don't have total clarity on pricing) which have experience almost no change in valuation vs. "pre-covid" pricing. Even the handful of deals that received a covid discount (most of which were challenged from location or physicality perspective) were in the 10-20% range - a far cry from the 50%+ many of the high quality office REITs are off. And with retail, obviously the worst headlines, some of which may be true. But the baby is being thrown out with the bathwater when you have high-quality grocery/strip center REITs (the least impacted piece of the retail universe) trading at 150+bps premiums to private market cap rates (I think retail presents most interesting dividend yield opportunity to add some CF to the portfolio).