Active LP investors and or Syndication Proffesionals

[Joe Potenza]

Bigger Pockets LP investors and multifamily syndication professionals, I am curious to the parameters and investment criteria you all require and search for?

I am currently putting together a multifamily value add syndication. To get the conversation rolling, figured it would be best if I explain the basic investor package I am providing friends, family and colleagues. My team is offering 6-7% preferred return (tax benefits discussed with our CPA) distributed bi-annually, an estimated project IRR of 15.5% (in our base case), and hold period of 5 years. Our projected average CaC is 8.4%, after completion of our value add initiative (40 units).

My teams experience is in private equity space, so am curious to what non-institutional LP's look for in deals.

What are the minimum preferred returns?

Projected minimum IRRs?

Hold period, and distribution preferences?

Minimum equity requirements? 

Looking forward to getting some different opinions on the matter!