Seemed commercial/industrial.

I was taught this my the principal of one of the largest industrial REITs in the country and it has always proven to be true.

The actual benefit of syndication is only if there are special event where sponsor is so smart they can make 30 percent IRR in industrial space , but for multifamily no such thing exist ..also with common waterfall these days most risks are taken by LP investor while GP reaps the most benefit.The actual benefit of syndication is we make GP very rich lol

sadly its a stain on our industry right now.

Over the years, they’ve developed strong partnerships with tax advisors and wealth advisors, and lately, they’ve been working with some big names in the industry building new construction properties for their investor’s.

Also with plans to reduce industrial "intensity" in and around residential areas. 

Pretty solid appreciation in that area with an average of 5-7% per year, and it's also close to a lot of industries like the Chrysler plant.

Any new commercial, industrial projects nearby? 

Looking at this mathematically, if you assume a 50% non-renewal rate (industry standard) and use the low end of the range of $5,000 per non-renewal, there is a loss of $50,000 per year on a 20 unit property.

While less than 10% of the mortgage industry offers 40-year mortgages, here's something to factor in: they often come in with a rate increase of 20-35 bps.Assume 35 bps.$300k mortgage at 7.25% (30-year): $2,046$300k mortgage at 7.6% (40-year): $1,996Technically, it lowers the monthly, but not by much once factoring in the rate adjustment.