Multifamily Syndication After-Tax Returns for a LP

[Jordan Burnett]

Does anyone have an actual (net after-tax) return breakdown from a multifamily syndication that they have participated in as a Limited Partner?

I'm particularly interested in Limited Partners who would not benefit from QREP status, nor a 1031 exchange.

I know you'd be subject to capital gains tax and depreciation recapture and I'd like to see if someone has an actual example or possibly a link to an actual example.

E.g. projected CoC returns were 8% and realized IRR was 18%, what is the actual after-tax return per annum after holding for 5 years and paying all capital gains and depreciation recapture taxes (or whatever the deal was).

Maybe the equity multiple was listed at 2.1X, but what was your actual after-tax multiple? Just want to see what the actual tax hurdles are for those of us not investing inside of a SD-IRA and not capable of taking advantage of 1031 exchanges or QREP status.

Thanks!