What are typical apartment syndication returns for an investor?

[Jeff L.]

What CoC returns do you typically see as an investor who puts money into a syndication deal for apartments? (As a passive investor, not the person who puts the deal together).

How does it compare to investing in your own SFRs? Is it more or less lucrative, or about the same?

It seems to me like most syndicated deals are about buy -> improve -> sell. Are there deals where the owners hold indefinitely to reap the cash flow? If I'm looking to hold long term for the cash flow, are syndicated deals a good option?