Multifamily deal in St. Pete, FL. Yes or no?

[Julio C.]

I’ve been invited to invest on a syndication deal in St. Pete, FL. and your help will be highly appreciated.

They are buying an 90+ unit apartment building in an area closed to hospitals and in a very good shape.

I'm planning to invest 50k and they are offering a 6% preferred return and a 70% of cash flow after the preferred return. For the appreciation the offer is a 70% of profit after capital payment. They already secure a loan with an LTV of 70%. They are planning to hold the investment for 5 years and aim a IRR of 17.1% after the exit.

What do you think?