Developing Affordable Boutique Apartment Complex (30-ish units)

[Colton T.]

Good evening, BPers. 

What kinds of challenges can I expect once receiving MF zoning for some raw land on busy strip in developing a 32 unit or so garden apartment complex?  

I've heard investors talk about how many units per acre you need / etc. and frankly, the land's not big enough to sell to a big-time apartment builder.  I, however, may be interested in creating a boutique MF product, which ultimately could be something a smaller time investment may desire to purchase.  

Assuming the land cost was affordable and clear, what major financial challenges can come into the picture upon the decision to develop a small complex and is there a "play" these days for developing smaller complexes (30-40 units)?

Seems like everywhere you look, monster complexes are being thrown up (im in DFW) but the town has several little complexes scattered about from the 80s-90s, with 30-40 units, and this seems like a great piece of land to do the same type of product.  

Just curious if it's feasible/unfeasible to develop something on the smaller side these days and what the challenges are that may prevent people from doing this?