Target CoC for 72 unit townhouse development

[Chad Olson]

Looking at putting a 72 unit townhome development. Price hasn't been nailed down yet, but will likely be in the $20 million range. What would an acceptable CoC would look like for a property like this? I've calculated it anywhere from 6% to 11% based on management fees (or self-manage) and a small variation in rents (from $2000/month to $2250/month).

Thanks for your input.