Capital Reserves for Capital Calls in a Multifamily Syndication

[Jordan Burnett]

Hey guys,

For those of you who have invested in multifamily syndication or apartments for many years, how much do you keep in reserve for unexpected capital calls in case they occur during an economic downturn or while a property is held? 

Is there any rule of thumb you use? I.e. 5%, 10% of committed capital, etc? 

I realize this is probably rare, but considering the current environment I think it's worth discussing. 

Thanks in advance,