A multifamily development is a form of property that consists of high-density dwellings and is designed to be rented out for profit. The real estate industry, multi family investors, and potential residents have been showing a growing interest in multi-family housing developments projects. Depending on the size of the building, multifamily projects frequently have property managers who are not the same as the owner. Before getting involved with a multi-family real estate project at the early stage you must understand its complex steps to ensure that you engage in a promising project.
Stages of multi family development projects
The following are the multi family development project steps:
- Scout out the site location and feasibility: Performing a location analysis and performing your due diligence are the first steps in every real estate multi-family development project. The optimal site will be in proximity to a wide variety of high-value places, which will result in an increase in demand from potential inhabitants.
- Building design: The building design plays a vital role in the multi-family development projects as the size or footprint of a development must fit the zoning and compliance needs. An experienced architect with experience in managing development can identify whether there are any roadblocks in the entitlement or permitting stage during the development projects.
- Entitlements and permitting: Any type of building project should go through an entitlement and permitting process. While building permits include plumbing, mechanical, and electrical permits to ensure that these systems meet the building codes, entitlement typically focuses on the appearance of the structure.
- Financing: During the preceding stages, the developer will seek capital market investment. A developer can obtain capital from one of two sources: equity or debt. Both of these types of financing are frequently used by multi-family property developers.
- Construction: During construction, the developer will oversee numerous contractors to ensure that everything runs smoothly and on time. They will be responsible for handling any unexpected modification orders.
Multi family development with Will Kerkes Development
Will Kerkes Development creates multi-family real estate projects in high-demand locations, leveraging our expertise to optimize profits for our investors. We have vast experience in the fields of architecture, design management, development management, asset management, and investor relations. We apply a planned building approach, and we schedule meetings between the owner, the architect, and the contractor to ensure that a successful multi family project is completed. Contact us today to schedule an appointment!
