Good luck in your hunt.Marc,I noted you are from PA which will serve as a good comparison as that is where I am as well.

Pricing is reasonable and met my expectations in comparison to others.

So wouldn't it make more sense to include loan paydown as part of your ROI calculations so it'd be an apples to apples comparison to the stock market?

Bad underwriting is the primary failure point for most IRR comparisons, and it makes it tough to make apples-to-apples comparisons across various sponsors/brokers/investors because some underwrite very reasonably, or even conservatively, others underwrite aggressively, and yet others underwrite as if they live on another planet.Another consideration is that what is desirable to you in an investment dictates which performance indicator to focus on most. 

So there's simply no comparison. 

So you may be pleasantly surprised at what your true numbers might show when you combine tax savings, the opportunity to invest that tax for a return,  and the comparison between DST and REIT returns.

In-place cap rates aren't a viable comparison metric unless you are comparing finished product.  

Get your appraisals in the late summer or fall because they will have fresh data for comparisons.

In fact to provide support for you Income Approach (NOI/Cap Rate = Value) to value is your Sales Comparison Approach which would be measured by a price per unit or square foot of comparable apartment buildings.

Need 10% in the equities market to account for risk and taxes for comparison.