Working on a deal now where were trying something a little pioneering in the sense that we want to deliver a wrapped deal into basically an up and coming area where there's really been no apartment development in the sub-market in over 40 years. Closest deal was built in the early 2000s and is getting rents around $1.30 a ft. I'm southeast based so those of you who play in these markets know that delivering a wrapped deal just wouldn't make sense unless you were able to get some incentives from some of the local community groups. If your LP's want to see a project IRR of 20% how do you go about figuring out what that subsidy gap is?
Also were thinking of combining traditional sized units, with micros, and a mixture of co-living units as well? Anyone have experience trying to get this type of deal financed and anything special to include in your operating and capital budget expenses for such a unique unit mix?