Every big real estate boom leaves a few good neighborhoods behind.

Housing prices are high, and real estate investment trusts focused on data centers have been all the rage, but if financial advisors think all REITs have lofty valuations, they’re missing opportunities to find some bargains and diversify their portfolios. Many public ones are still trading at a discount to net asset value, said Sam Adams, co-founder of Vert Asset Management, which holds 150 REITs globally. They can offer value as well as diversification away from the artificial intelligence and technology concentration in large-cap equities worrying some investors. “One of the things that real estate does is it gives you exposure to a real physical asset. So, when…