New Apartment Complex Construction in Apple Valley, CA

[Kamal Andrawis]

Hi all, just wanted to get some input on a piece of property my father and I purchased awhile back up in Apple Valley, CA. It's about 0.54 acres and allows for multifamily, up to 4 units. We are thinking to build an apartment complex, 4 units on it (8 bed, 8 bath) but aren't sure how much something like this would cost. We would want to keep it very basic, especially since the average rent in the area is about $950 for a 2 bed/2 bath apartments. Also would like some information on an apartment construction loan and how lenders work with this situation. Also saw that an apartment complex right across the street, 4 units (8 bed, 8 bath and about 4200 sq. ft. total) just sold in January for $525k. Any and all advice would be helpful! Thank you!