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Updated over 7 years ago,
Land owner in Blue Ridge Ga seeks info on building apartments $
Hello all
I have a strip mall in Blue Ridge Ga that has about 11 acres behind it. A new assisted living went in 11 months ago for 10 million and the guy just flipped it for 17 million!!! It sold out in 30 days. There is most likely room for another assisted living/memory care on my land but I do not have the know how or funding to build or operate one. That being said the town is in need rental apartments and/or independent living units I could build next door.
A few questions:
How much per sq ft currently for a base level apartment say 750 - 1000 sq ft?
How would one partner with a builder if I do not have the cash? I own the land debt free.
Will banks finance these deals if attractive?
Thanks in advance
BC