Apartment Complex Construction

[Zach Lemaster]

Hello BP!

My partner and I are looking at building 10-12 fourplexes in the next 12 months in Cheyenne, WY.  This will be our first construction project and we can use as much advice as possible.  To be honest I'm not exactly sure where to start.  We have a piece of land picked out, general building plans (that needs to be verified by a engineer/architect), project manager and construction company inline for the project.  We've been talking with the city/county on all the specific approvals & requirements to break ground on the project.  Construction costs looking at $70sq ft, not including land which is 82,000sq ft priced at $1,000,000 (negotiating $10-$12 per sq ft).  Any thoughts on these initial numbers?  Average rents in the area are $825/unit (each fourplex will be 850sq ft 2bd/1ba).  Also, any ideas if 12 fourplexs will be realistic for that size lot?  We are looking for any advice on where to start, initial people to talk to and questions to ask on new construction projects as we are novice in this area.  Thank you in advance to all who provide insight!