NYC Syndication

[James Endress]

Thinking of forming a syndication to purchase all or part of an RE portfolio for sale here in Manhattan. Solid investment in desirable locations, low vacancy rate. I've been working with the current owner of the properties and these are solid cash cows. Would be perfect for an investor(s) looking for a tax shelter.

:idea: No acquisition fee, 2.5% management fee, 5% sponsor equity.

Details:
# of Buildings: 32
# of Units: 688 (approx 90% free market units)
GOI:$23.16M
Expenses/yr: $3.42M
NOI: $19.73M
Price: $280.0M

Feasible or a little aggressive? Thoughts?
Thanks! :D