All Forum Posts by: Scott Choppin

@Mike Wood

Thanks for the thinking and information.

I see what you are saying on the design. I think we are running into regional differences. 

As an example, balconies are required by CA zoning codes, where we have to supply 75' of private open space per unit, which we normally supply via balconies. We also have to supply 75' of common open space which we do on the site, barbecue areas, etc. 

The variation in the facade and elevations could be made more simple, but many cities including Long Beach, have code requirements for minimum facade variation. Example, City of LA requires in some locations that no more than 30' of elevation can exist before some variation in the facade is required, step forward/back, jog in/out, etc. I can say that this project is very simple compared to most new MF housing in the CA marketplace.

On the bedroom sizes, just a couple of points of clarification. My last post indicated we try to do nothing smaller than 10x10. Said another way, we do larger bedrooms, similar to you 12x12, etc. But we try to not go below 10x10, just an internal practice. These are units for larger families, with multiple bedrooms. The renter profile is focused on three things in our market: bedroom count, direct access two car garages, and air conditioning. There is very little competition (i.e. supply) in the market for multi bedroom rental units, they just don't exist on any scale. There are SFR rentals that compete, but generally we see those are either highly inferior older homes, or larger homes comparable with our design, that rent for $3,500 per month and above. I can say definitively, in CA, affordable new construction rental housing is in severe short supply, so renters are focused on the three items I list above. We do think about the future buyers of our projects, as we merchant build most of our projects, so keeping them attractive enough for owners is also part of our thinking.

I can see your point on laundry rooms and walk in closets. On laundry rooms, we would spend the build costs either way, either we would build a common laundry room, or we supply in unit laundry, which is vastly preferred by the tenants. 

On the walk in closets, I think of it the way you do bedroom space, very cost effective space to build.  As you saw from the plans, these are 3-story town homes, so in all cases our bottom floor level is driving the upper floor designs, where we sometimes end up with odd left over spaces in the top two floors. We generally either try to eliminate those odd space (which can create weird exterior elevation changes), or we smooth out the upper floor designs by using these odd space for closets. 

I'll end with this thought: we are in an ongoing process to refine our floor plans, to eliminate all the cost drivers possible, while also balancing keeping the units desirable to renters and the future owners of the properties. 

Thanks Mike. 

Cate Mee If as the other poster said, lots of development being done in SA, and with your site being free and by Riverwalk, seems like a good story. You need to run a proforma. I can be of help here, send me a DM. Scott

Chris Marshall I can help with this. Send me a DM. Thanks. Scott Choppin

Joshua Stewart I can be of help here in your process, send me a DM Scott

Wai Fung Happy to help. Are your looking to invest in NEW SFH and/or NEW MF? Give me your specific criteria and I can make some recommendations. Thanks

Justin M. I can help with this situation with a number of recommendations to get you going. Send me a DM. Thanks.

@Brian Lau

Doing a larger commercial project as your first deal out of the gate is ambitious. The advice that @Joel Owens is correct, partner up with a developer, and learn while watching them develop the project. 

Send me a DM and I would be happy to talk about it in detail. 

Thanks!!

First, I applaud your vision, this is the type of thinking that changes your community for the better.

Second, we have experience in adaptive reuse, turning non-residential structures into housing, as well as, experience underwriting and preparing RFP's. 

Would you be interested in talking about this? We may have some ideas that would be helpful.

Send me a DM and we can catch up.

Thank you.

Scott Choppin

@Kamyar Fg

Thanks for your question. In my first post on this thread, I outlined that some info would remain private to protect the interests of our partners and investors. Our build costs are one of those items that must remain private. 

@Vanessa B.

Hi there, my name is Scott Choppin, I run a RE development company in Long Beach, we might be able to help.

Do you have specific land parcels identified? Is there a specific areas you want to work in?

Have you run any proforma numbers? This will tell you how much the land is worth based on value of home sales after taking into account the build costs, soft costs, development impact fees, etc. 

Have you identified a general contractor to build the project for you?

Do you have equity and debt to build the project already in place?

There's way too much to try and guide you via this forum on BP. I would suggest you send a DM to me, and we can set up a call. Our offer is either as a consultant, or we can look at a joint venture. Bottom line: LOTS of complexity to work through, better to get good help if your serious about taking this process on yourself.

Thanks, Scott Choppin