Purchased an 8 unit apartment building with an extra acre lot

[Kara Leboeuf]

Hello everyone! 
Very excited to post that we finally closed on our off market 8 unit apartment building. We are familiar with where we want our COC ROI with typical apartments. But the cool thing about this property is it has an extra acre lot that previously was approved for building another 4 unit. Due to the density of the lot we actually believe we may be able to build 8-12 more units. We are working with our team to figure out what the best move is for building. But we are unfamiliar on what to expect for return on new build apartment buildings. I know there is a ton of variables, but people who build apartments from the ground up, what is your desired return on a new build apartment complex?

Thanks always! 
Cheers, 
Kara