Advice on Evaluating a New Apartment Development Opportunity

[Brandt M Monette]

I'm looking at taking down an apartment deal in Idaho. It's 220 Units fully entitled and civil plat completed. We'd have to do it for $18k/door cash. The property is well situated in a residential area of town on a main artillery road that transitions into commercial (the main hospital and retail in town within 4 blocks-3 min driving time). Market rents are between 900-1300 (1-3 bed) with the only other few apartment complexes running at full occupancy with waiting lists. We'd probably look at HUD financing and construction costs around $107/sf. For you complex owners out there, how does this compare to some of your deals. This would be the fist one we've built ground-up, and also the first one for us that is this size. Should we go for it if we can?