Any thoughts on new multifamily construction - emerging market?

[John Culotta]

I'm in the Boise, Idaho area which is booming to say the least. Massive growth, tons of construction of apartments, housing developments multi families, commercial big box retail. High rental demand and little vacancies in comparison to inventory with high rents. Finding distressed properties is challenging.

I have a friend who is a GC and I've seen his current duplex construction. He indicated a possible $100 a square foot price and perked my interest.

I'm considering new construction of either a fourplex or small apartment building. I would be grateful for any words of advice from those who have been there?

My original strategy has been to build a portfolio of value-add multi families and apartments through syndication. I have most of my team put together, 16 years of experience, but no portfolio currently. We will be debt-free in the next couple of months and some cash in the bank to get started.

Thanks in advance!