Updated over 3 years ago on . Most recent reply
New Apartment Complex Construction in Apple Valley, CA
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!
Most Popular Reply
The only meaningful way to answer this question is for you guys to obtain bids from some local general contractors who specialize in multifamily properties.
You might be able to find these guys with a little sleuthing. First off, find the newer apartment buildings in your area. After that, try to look them up on the city or county website that allows you to see who pulled permits on the properties. The GC's name should be on the permits.
Once you have a few different names, call around and see who sounds easy to work with and accommodating. Meet with a few and go from there.