“towards”. Makes it sound like the $100 million won’t even cover it all?
Just seems like a crazy number. Every apartment is $786K?
I am sure there are plenty of internal facilities and infrastructure (that are NOT “apartments”)... like a cafeteria and the food prep gear, an admin area, janitorial, HVAC, etc; etc;...and maybe the building(s) have to be built to hospital standards, which are far beyond residential-apartment standards.
It’s surely a bigger number than I am used to dealing with; but if the apts are 1K sq feet each (140K sq ft) and the cafeteria/kitchen is say 6K sq ft and admin is 3K sq ft and mechanicals are 3K sq ft and hallways are 6K and it has to be built to hospital standards @ $1K/sq ft you’re talking $170 MM to build, plus buying the land.
All said and done, it could well cost nearly $200MM to build and build out.