New Construction Multifamily in Greater Boston/Southern NH

[Jay Patel]

Hello! 

We are looking to get into multifamily construction in the Boston/Greater Boston/Southern NH market. We have previously only done single family ground up builds but are looking to pivot to multifamily. 

Here's our thinking: we can conservatively build multifamily for $200 a foot including land acquisition. We believe we can build for 200k a unit (very inflated number, most likely lower but using a conservative estimate). We believe in the markets we are looking at we can expect an appraisal at 300k a unit for new construction. This gives us a healthy profit and we should be able to get our initially injected funds out at stabilized refinance. Any advise on any of these numbers or whether I am calculating this properly. 

Secondly, I was looking for some guidance/advice on where to find land. Are there any local land brokers that come recommended? Also is it worth looking at already approved and entitled land or is it only advised to start at raw land and get it entitled ourselves which obviously would result in a larger profit. 

Lastly, does anyone have any guidance on what to present in an LOI for DD periods/ approval period and extensions. What is typically expected considering approvals/permits take notably longer to get in the Northeast.

Thank you guys for the help!