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Multi-species BGK models describe the dynamics of rarefied gases with constituent particles of different elements or compounds with potentially non-trivial velocity distributions. In this paper, moment equations for the bulk velocities, energies, and temperatures of a spatially homogeneous multi-species BGK model are examined. A key challenge in analyzing these equations is the fact that the collision frequencies are allowed to depend on the species temperatures, which allows for more realistic simulations of dilute gas flow. Therefore, a positive lower bound is established for the species temperatures. With this lower bound, a global existence and uniqueness of solutions to the coupled velocity-energy ODE system is established. The lower bound also enables a proof of exponential decay to a unique steady-state solution. Numerical results are presented to demonstrate how the bulk velocities and temperatures relax for large times.