New Con: Multi-plex, Apartments, or Townhomes

[Philip Wells]

Looking at a lot that is 8 to 16 acres for new construction of multi family units. It's a growing community with future city development and a large rental market as it sits between 2 larger cities that feed the housing market.  There is only 1 apartment complex within 10 to 20 miles in either direction to the larger cities. 

For a new construction project, should I consider multiplex units, apartments, or townhome style units? What are the pros and cons of either when considering building for rental?

Thank You for you input.