I figured there are a lot of people on this forum building MF in different markets and also a lot of investors who are wondering what general cost of construction (only hard costs) are these days for a 100-150 unit project. I thought this could be a good place to share what you are seeing and the markets you're in. I know parking is a big factor, so just assume a normal concrete cost for whatever the normal spot/unit is in the market.
I'm particularly interested in Seattle, Boston, Miami, San Jose/Oakland, San Diego, Chicago, Tampa.
Market - Los Angeles
Type I (high rise) - $650k+/unit
Type 3 (mid rise) - $375-$400k/unit
Garden style - I haven't built or bid out but I am guessing for 2-3 story, parking at grade $325-$350k/unit
I think more in square footage terms for construction but that per unit number for type I luxury is in the ballpark imo. For that product I don't expect the cost to vary much for the markets you pointed out (were building in 6 diff markets rn). Especially cuz most of them use significant union labor (ex florida). But florida builders are busy af, so net net prob same result.
What're you seeing PSF on a gross basis for each?
Seeing similar numbers in NYC metro sub-markets for mid-rise buildings, around 375-400k per unit. Worked on a few projects this summer in the 100-200 unit range, mostly 5 over 2 podium builds with structured parking that all fell into that range.
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