Fees on Fees on Fees - Syndication Deal

[Mark S.]

Currently evaluating a multi-family syndication deal.  From a quick review so far (assume that the numbers check out, the operator has been vetted, etc.), here is the deal structure / fee structure:

85% / 15% cash flow split (investors/syndicator) - no preferred return
3% PM fee (100+ units) - seems low
4.9% acquisition fee
1.9% capital raise fee - never heard of this one before
0.35% asset management fee - ongoing fee each year
85% / 15% profit split on back end (investors/syndicator)
I did not see anything regarding a disposition fee, but wouldn't be surprised if there was one.

This just seems like a lot of layers of fees (acquisition + capital raise + asset management).  Am I wrong?  What am I missing?