Limited Partner terms?

[Bryan Hartlen]

Hi all. We’re putting together an opportunity on a mid-sized MF apartment. We’d like to structure this as a GP/LP opportunity. This will not be the first MF deal we’ve done, but it would be the first one we’ve structured this way and new for our private investors. I’m looking for your thoughts and opinions on what you’d find compelling as an offering in terms of the following:

- minimum IRR

- average CoC return

- minimum preferred return

- preference for share or operating cashflow compared to equity share (how much cashflow split, if any, would you forego for a larger share of equity split? Or visa-versa?).

- would a share of the depreciation expense be interesting?

Thank you for your thoughts and opinions.