Construction Cost Per Square Foot for Multifamily Housing Based on Construction Type

by Dean Dalvit on June 28, 2016

I recently was working with the Colorado Coalition for the Homeless in Denver to provide  objective third party opinion of estimated construction costs for an affordable housing project in Denver. We have had the pleasure to work on both market rate as well as affordable housing projects of a variety of sizes in the Denver/Metro area and as a result, have recent data on the costs for those projects.

Every project is unique and has with it a variety of cost driving program elements. Where housing can be as simple as a wood framed three story walk-up product, it can also be complicated in an urban infill site with need for podium structure, tight access and construction limitations. Also, programming can be very different where some projects have virtually no services or amenities and others may have extensive on-site services.

Ovation Apartments in Lone Tree

When we initially budget projects, we use RSMeans for background data, but we have found that this is not a panacea. Especially in areas where the housing boom has sharply increased construction costs and the shortage of skilled labor. So, we use historical data from our own past projects and extract from those the elements that are common to the proposed project. The ranges for this product are generally as follows. Please note that our construction costs do not distinguish between affordable and market rate housing as it is EVstudio’s philosophy that affordable housing should be every bit as high in quality and design than a market rate project. The data below includes very recent design and construction of over 800 units across 6 separate projects in the last year as well as familiarity with other like product. I am showing Suburban and Urban low and mid rise data in order to illustrate the spectrum of costs over product type.

  • Suburban 2-3 story wood frame walk-up with surface parking, no amenities: $130/sq.ft.-$160/sq.ft.
  • Suburban 2-3 story wood frame walk-up with surface parking with amenities: $140/sq.ft.-$170/sq.ft.
  • Urban 2-3 story wood frame walk-up with surface parking with or without amenities: No Data – product not available
  • Suburban 3-6 story wood frame with podium or wrap (parkade or core and shell mixed), no amenities: $150-$180/sq.ft.
  • Suburban 3-6 story wood frame with podium or wrap (parkade or core and shell mixed) with amenities: $160-$190/sq.ft.
  • Urban 3-6 story wood frame with podium (parkade or core and shell mixed), no amenities: $160-$190/sq.ft.
  • Urban 3-6 story wood frame with podium (parkade or core and shell mixed) with amenities: $170-$200/sq.ft.

Aria

The ranges in cost within each category reflect density of units per square foot, level of finish and level of site or building complexity. Please note that this data is for general information only and not to be construed in any way as a bid for construction services or guarantee of any kind for the construction cost of any specific project. EVstudio provides Architecture and Engineering services and only a General Contractor can be bound to guarantees of construction cost.

So, for an example: a 6 story, 101 unit project with 5 stories of framing over 1 story concrete podium in a tight infill site. It has higher than average
density due to smaller units and it offers several sustainable design features. In addition, the program has extensive on-site services. As a result, I would classify the project as an Urban mid rise podium project with amenities and would expect the construction cost to fall within $170 and $200 per square foot.

LoHi

EVstudio has expertise in the design of a wide array of Multifamily project types across the country. If you need assistance in programming your project to meet your budget or designing a project to meet the demands of your Pro Forma, that’s what we do. Give us a call at 303-670-7242 – We understand that a project only succeeds when the numbers work.

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{ 4 comments… read them below or add one }

Dean Dalvit January 9, 2017 at 1:19 pm

Hakim,
Are you looking for a site study for this lot to better understand what it can support to maximize the number of units? Have you got a number of units and a unit mix in mind? We’re happy to help, but I’d need more information about what you have in mind to be able to establish a budget range. Let me know – thanks.

Hakim January 9, 2017 at 11:14 am

So my wife and I are looking to invest in a multi-family unit,but we prefer to have it built from the ground up. We are located in riverside california. And are currently looking
At a 2.5 acre lot. Please let me know what my options a cost are. Thank you.

Dean Dalvit December 12, 2016 at 6:40 am

Hrair, I’m not quite sure I follow your question. Are you seeking just cost information for a surface parking lot? Or are you seeking unit cost per square foot information for a 2 to 3 story wood framed apartment project with a surface parking lot? And where is the project located? That has a great deal to do with unit cost information. Let me know and we would be happy to help you out. Thanks!

HRAIR December 11, 2016 at 10:03 pm

cost of the parking surface fora 2-3 story wood frame for an apartment building.

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