Build New Apartments vs. Buying Existing Apartments?

[Ryan McElroy]

Hi, I was wondering what the advantages are of building a new apartment complex from scratch vs. buying an existing complex. Im new to real estate and I have heard that if your in a financial position to develop an apartment complex, you can make a lot more money than buying an existing complex. I was hoping someone could briefly explain the pros/cons to both of these options. Thank you!