All Forum Posts by: Chris Blackburn

@Pavel Shemyakin   Pavel-  I will have a solution for you soon.   Yes-  steel residential is coming.  Working with a company in stealth mode that will be able to solve this problem.  I think the idea of $10 a foot may be a bit off.  Maybe if you are looking at just the material with no labor or or other hard costs?   

@Chris K.  @Spencer Gray @Evan Polaski @Adrian Chu    We will be putting together a panelized version of this product.    I am excited to see how a panel system will change some of our timelines.  Essentially I want to have this put together like clock work on site- I will work with the MEPs to refine and improve.  All the subs will do a Pre-Architectural meeting to help our architect understand how to simplify and streamline the process.  This will include designing exterior/interior walls with minimum cuts (if any).  Again- if we can refine the 18 plex- design and re-use it over and over-  The architect will not have to "Design from ground up", the trades will already know the build costs to the penny.  Timelines can be measured, improved and metricized.  Incentives can be added for speed.  Since we are using steel stud- our current lumber cost crisis is lessened.  I want this to be super boring building  (SBB).  Like watching a Ford factory run.   Maybe I need to put together a group that is interested in trying the same.   

Well-  We are moving to a panelized system for right now.  Currently working with a eSIP made with steel studs.   We have a home we are designing to build out first to get a feel for the product.  Next is a 6 plex then a 18 plex.  Ultimately we will be building the same 18 plex over and over.  The theory is that the exterior structure will be fully assembled with in 20 days after foundation panels are set- ready for trusses.   Since I am moving toward a syndication model- I will start adding more details in the process.   We have over 300 doors lined up to build over the next 3 years.   The goal is 1000 doors in 5-7 years in the Willamette Valley.   All the projects are 36 to 120 doors.  We are only working with flat ground sites with minimal offsite improvements (Road/water/storm/sewer).  I will update more with the panel company (that I am super excited about)  They can put a house up in a day- they did a 12 unit subdivision that was had delivery in the AM of the panels and trusses arriving for all 12 by the end of the day.   

@Eric Bilderback   Sisters!  I love that huge forest service land in the middle of it all.  Our company built the Lodge in Sisters retirement home and we are 25% owner.  Currently at Blackbutte right now.  I really want to build more apartments (Meat and potatoes) for the big influx of workers coming in for Laird's new IPO/Factory.  For a micro market- Sisters is really a great town.   Nice job on building here!  I do take    @Evan Polaski's advise seriously- he has a lot of doors and analysis that show him the way.   I may be different with new builds as we look at pretty small units.

Here is how the $ per foot broke down in the Eugene new build:  that's $3.06 vs vs $2.55 vs $2.01 per foot for studio/1 bedroom and 2 bedroom.  There is a sweet spot where it is not the price per foot people look at or the size (within reason)  it is the cost for the apartment.  As  you notice- Apartments.com does not list the property by the price per sq ft.  it list it by rent per month.   As costs to build increase- one way to continue to offer new affordable units is shrinking the space.

Covid for the next 2 years and the attitude of younger generation not wanting to share anything may make the 1 bedroom units more appealing.  We have had a faster rent rate with 1 bedrooms than 2 bedrooms on our new builds.

@Rylan Lacey   Rylan, how are you getting to numbers- on a pro forma no vacancy reduction and where are expenses?

I am seeing a number closer to $3,600,000 at a 5.7%  assuming .05 vacancy and a 28% expense ration.   Not here to nit pick and I like your numbers (Salem Oregon)   We are seeing a top line of about $185,000 per door for your standard 2 bedroom new build.   I think those numbers are coming but we look to be a bit behind.

@Steve Morris   

@Bill Horton  

Thank you!   Currently working with Willamette Valley Bank in Salem Oregon (Troy Willis is the commercial banker)

We are doing a Bridge to HUD loan on construction. It is much nicer than a full 223 with the rule change of being able to go to hud 90 days (Not 3 years) after 85% occupancy stabilization. We are building to HUD standards now so we do not have any issues with design review when we engage. (note- this is still HUD, so it takes a long time. This will allow us to get to a 35 year loan term in the 3%-4% range. On our 42 unit new build project- the savings are substantial! Steve- Who is the Broker in Salem you would recommend?

@Garrett Cannizzo @Dave E.  Thank you Garrett and Dave- Checking out the FRP product- They use pokey silicon and non-toxic- I like that.   Our units do not have a common hallway. All walk ups,  we will be using PTACs for HVAC, but I think I can add a UVC+HEPA wall mount filter unit that would effectively scrub the air.   Need to think about these running in the potential "co-working space" that we are looking at incorporating into our design.  No pools for us;)

Hepa  https://www.rabbitair.com/prod...   Wall mount? maybe   $500

HEPA and UVC  https://www.cureuv.com/product... looks a bit cheap  $249

Light reading below if I want to design a hospital

https://tlc-engineers.com/cont...

@Steve Morris  Check this out from my team on our weekly update!   (mixed use on the bottom- maybe co-working space as per @Jordan Burnett

https://documentcloud.adobe.co...

@Jordan Burnett Maybe instead of the REC center, a remote work center that you can rent out private offices on site?   HMMMM I like it!  Nice space-- shared open outdoor  kind of like a built in Co-working space on site but not in your house?   Free wifi?  Maybe a shared kitchen with mini fridge lockers or????