Developing Townhomes in San Diego

[Andy Thrailkill]

Hi BP, 

A close investor buddy of mine recently came across a 2 lot development opportunity in San Diego. the owners of the land approached him and wanted to partner with a developer to develop the lots into new townhouses, the owners are willing to carry the loan on the property but would like us to bring in the build cost and we all would get a % of the profits when completed. I have done some SFR development before but never townhomes, so was seeing if anyone has had experience in development of townhomes or condos to help give some guidance. Each lot is zoned R-4 and some developers just completed a project right across the street with the same concept as we our looking to develop. We are looking to build 4-6 1100-1300sf units on about a 10,000sf lot. I know it all depends on the city specs. Any advice on build cost and process would be greatly appreciated.

Thanks 

Regards, 

Andy T