Developing multi-family in Austin, TX?

[Christopher Gilbert]

Does anyone have any experience developing multi-family properties from vacant land in the Austin, TX area?  We come across land deals from time to time that we used to flip but when the market tanked and the buyers couldn't get loans anymore we abandoned that strategy. 

What is your typical cost/sqft to develop 4-8 units (or more) and is it even worth pursuing?  We have taken smaller lots and built higher end houses on them but the cost/sqft was in the $80 range.  Can having the common roof, utility taps, etc. get the cost down to the $60/sqft range?

For whatever reason the multi-plex's in the Austin area go for a premium (even at mortgage/tax auctions) and we wanted to see if we could take advantage of the trend.