The housing market's recent misfortunes have not scared Steve Burton away.
His ING Global Real Estate Fund posted average annual gains of 22.25 percent over the last five years -- and he says there's money to be made for an investor who's careful about where to look.
"Real estate stocks have really come under pressure as of late," he told CNBC. "Here in the U.S., they're down about a third off their highs of about a year ago. We believe the sell-off has been way overdone."
He likes Ventas, a health-care REIT based in the United States.
"Ventas owns senior living facilities," he explained. "The key insight here is that the ultimate demand drivers of the cash flow are not related to the economic cycle. They're related to demographics and the need for health care."
Burton also favors Federal Realty Investment Trust.
"On a real-estate basis, we think the stocks are trading at about a 20 percent discount to what the real estate is actually worth," he said. "The property stocks are attractive at this point."