300 Unit Multifamily Development

[Joseph Pytcher]

Needing some advice. Just as a preface, I have done many large developments, lots of SFR, master planned communities, etc. At the moment, my business partner and I are working on a 300 unit MF development with a $68 million total capitalization here in North Texas. At first, we were going to GC the project, bring in a KP to meet the net worth requirements of the loan and raise the equity, however, I am considering just working with an operator who has the net worth requires and can raise the equity themselves and just GC the construction and ask for a 5% GP.

Is this unreasonable to ask for? Looking for recommendations on operators that would be interested in working with me on this project to get it done. The project is shovel ready. All of the architecture, civil, and structural engineering is all complete and approved by the city. We're ready to go. Just need the funding. We're working with some investment bankers and hedge funds but nothing concrete just yet. 

Thanks you the help,

Joseph