Any value in building new apartment complexes?

[Timothy Doenges]

Hey, I see posts every day for people looking for value add investments in multi family. I hear about it everywhere on the podcast as well. But it’s made me curious, is there any value in building new multi family? This could come out of a place of naïveté, not knowing cost of construction on larger buildings like that, but is it possible to build new complexes and still cash flow like you would in a value add situation?