Like with any real estate investment, past performance doesn’t guarantee future performance. Returns through syndications average about 10 to 35% for passive investors. A holding period is typically three to five years but could be between one and three years as well whether the investment type is buy & hold or build & sell. Suppose there is a €50,000 investment with an 8% return from rent but a projected total Investment Return Rate or IRR of 15%. In that case, if the syndication runs for five years, an investor receives €4,000 a year. When the building gets sold at the end of five years, investors receive their initial investment back and a percentage from the sale profit, bringing the total return on the investment to the IRR projection of 15%.