"Hopefully, it will be before Christmas," Aviiid managing director Scott Marinchek said.
Marinchek said the excessive valuations in the sector had made it hard to find sensible assets.
"When we do proper and detailed due diligence on some of these assets it's crystal clear that by any reasonable measure the present value of risk-adjusted cash flows on which they are working is hopelessly inadequate to justify valuation expectations," he said.
"It's all about realisable cash flow and not retrospective NTA (net tangible assets)."
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Last week, Australian Unity launched a retirement property fund, which has stakes in 15 retirement villages.
