Build a Multifamily from the ground up anyone?

[Liam S.]

Does anyone have recent experience building Multifamily homes from the ground up, most specifically in the South Florida market? I have stumbled upon several deals that in my opinion are not worth salvaging….I am thinking about building 4-8 unit buildings.

Interviewed a few developers and the price ranges varied dramatically…from $280-$600 per built sq ft. This would would a 6 unit (2/2) construction at roughly $2.4m + land value and holding costs during the constructions…which is expected at 1-2 years.

The upside I see is that I could fetch more in rent for a newer unit…but the price of construction and waiting doesn’t seem like a dream either.

Ps: I would find using money down and a construction loan.

Thoughts?