Building a 200 unit Multi-Family Complex

[Robert Crowley]

In order to build a large (200 unity) Multi-Family housing complex how much land do you think I need? What might the costs of building be for such a project? I'm trying to figure out how to calculate a ROI but I need to grasp how much it is going to cost not just in land, but in building, permits, taxes, etc. and how to make it worth my while. Any knowledgeable input would be appreciated. I am a real estate agent helping a client with this so please don't just tell me to go buy one already built, although I'm going to look into that as well.