Multi-family new construction

[David Pittman]

Good afternoon BP!

I have a couple of investors that are interested in building around a 150-door apartment complex. One has the land (and development experience with several residential subdivisions), the other is a supplier (lumber/trim for residential and multifamily), both also have the money to do so. Me and my partner build custom and production homes and are very comfortable doing so, but have wanted to branch out into multifamily for a few years. We both believe this would be a great opportunity for everybody involved in the deal. The biggest drawback is none of us know what to put on the property exactly (bed/bath counts, garage, clubhouse, etc.).

So my question is, who is the person we should start with? Is it a Multifamily Development Consultant? Eventually I know we will eventually need a property manager, do we find that person now, or wait for the feasibility?

Thanks in advance!

[Vijay Friedman]

Quote from @David Pittman:

Good afternoon BP!

I have a couple of investors that are interested in building around a 150-door apartment complex. One has the land (and development experience with several residential subdivisions), the other is a supplier (lumber/trim for residential and multifamily), both also have the money to do so. Me and my partner build custom and production homes and are very comfortable doing so, but have wanted to branch out into multifamily for a few years. We both believe this would be a great opportunity for everybody involved in the deal. The biggest drawback is none of us know what to put on the property exactly (bed/bath counts, garage, clubhouse, etc.).

So my question is, who is the person we should start with? Is it a Multifamily Development Consultant? Eventually I know we will eventually need a property manager, do we find that person now, or wait for the feasibility?

Thanks in advance!

@David Pittman
Sounds like you've already assembled several of the key pieces of a strong development team. If it were me, I'd start with a multifamily development consultant or architect who has taken similar projects from concept through entitlement and construction. Bringing in an experienced property management company during the planning stage can also be valuable since they often provide feedback on unit mix, amenities, and operational efficiency before plans are finalized. Best of luck with the project!