Syndication survey. What is your split on a deal?

[Todd Dexheimer]

If you are a syndicator, what is the split that you give to your investors and what do you take, including sponsor fees on monthly rent, putting the deal together and any other fees? Also, with that what type of deals are you buying? Is it value add or stable and is it A class, B class, C class. Lastly what is you target IRR for your investors?

[Andrew Campbell]

@Todd Dexheimer, we are pretty similar in structure to what you have. Value-add on Class B deals. We target 9% CoC return and 16%+ IRR, close to 2x multiple over 5 years. Like you, plan to beat those expectations to create happy investors.

Only thing different is we have an 8% preferred return, and we get our asset management fee (2% of gross monthly rents) paid after the pref.