Building New Large Multi-Family - Why not?

[Cory Howes]

Over the past few years I have listened to a significant portion of the Bigger Pockets podcasts, but I don't believe that I can remember one episode about building new large multi-family apartments (10 units plus). I recently purchased a 40 acre vacant parcel in Marquette County, Michigan, and am in the planning phase on how to develop the land. We plan to do a combination of subdividing and flipping lots, but what really interests me is to create a long term cash flowing investment, as opposed to a one time sale of a lot. I realize that the cost of construction materials have gone up, but the numbers still seem to work! I have gotten a quote to build a 16 unit (32 bedroom) 2 story apartment complex, that will create a 7-15% ROI from the calculations I've done.

I'm just surprised that more people aren't looking to build new, and if they are, I have not heard much talk about it on Bigger Pockets. 

I would love to hear any insight from anybody who might be building new multi-family. 

I own the land, but my next biggest hurdle is trying to find the 20 or 25% down to build.