How to research a future apartment complex?

[Kenneth Westervelt]

Location: north Aurora, Colorado.

Size of lot: 8.21 acres

Planned for mixed use, 338 dwelling units (264 studios or 1-beds) & 14,000 sqft retail space. Owner appears to be hiring a development & construction firm to demolish old garages & build a new mixed use apartment complex. Unknown if the property will be sold after the fact.

Nearby 1/1 apartments (within 2000 feet) are currently being offered between $810-$920/mo. These buildings at least 30 years old, however.

What more information would you want to learn before considering investing in a property with this situation? I have never researched multifamilies before, and have little frame of reference on what an average new-construction deal would look like.  Local podcasts claim that older complexes in Denver tend to have cap rates of 6 or lower, but I'm guessing that's an apples & oranges comparison.

I know I need to learn more, but I don't know what I need to study up on. Any ideas I can follow up on would be appreciated.