Brokers: How much of a market is there for 150 unit shovel-ready projects?
I've sold a bunch of smaller projects (1-30 units). I'm looking at getting an approval for a 150 unit project, which I may sell afterwards. 

How's the market for larger projects compare to the market for smaller projects (assume the numbers and design are solid)? Is there a group of buyers out there who are interested in these?

Location: Ontario, Canada (but will take the opinion of anyone, anywhere).
[{"id": "ixsp32t", "text": "We love it and we can't keep our filthy hands off them.", "replies": [], "depth": 1}, {"id": "ixssbnf", "text": "CRE loan broker here:\n\nIt's a good metro area.\n\nThere is a housing shortage.\n\nMultiFamily is doing quite well.\n\nIMHO - go for it.", "replies": [], "depth": 1}, {"id": "ixstj2q", "text": "You\u2019re slightly lte but definitely not too late. Those deals definitely still pencil well if it\u2019s fully entitled.", "replies": [], "depth": 1}, {"id": "ixsvmxr", "text": "The idea of a 1400 ish square foot starter home has vanished. Deliver fee simple units and youll have a line down the road", "replies": [], "depth": 1}, {"id": "ixsxxxn", "text": "150 units is the minimum for efficient management.   That would open your project to institutional buyers which increases the buyer pool.  Assuming you have a good location the demand should be strong.", "replies": [], "depth": 1}, {"id": "ixt6jqe", "text": "Wait, I\u2019m not clear what you mean. You get the land and permits ready, then sell it and let someone else build?", "replies": [{"id": "ixt6las", "text": "Yes", "replies": [{"id": "ixt6s10", "text": "Interesting. My market isn\u2019t as big as yours, but I\u2019m wondering if I could do this with one parcel I have that\u2019s zoned for 90 units\u2026\n\nThanks for the idea and good luck", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "ixt8lb4", "text": "Demand is there (SoCal), but values have dropped because of pretty much every underwriting criteria (ROC, rents, rent growth, interest rates, leverage, exit caps) going the wrong way.  \n\nStill, if it was in my market, I\u2019d have no trouble finding buyers, just not at the prices 6 months ago.", "replies": [], "depth": 1}, {"id": "ixt9mi4", "text": "US lender here so not specific to Canada.\n150 units I'm assuming this is something of a cheaper build like a 3 story walk up vs urban high rise.\n\nThis number of units is a niche. You will get interest mid size local and regional developers that already own other apartments nearby or possibly own in the region and will consider entering the local market. This size filters out smaller developers that don't have the capital or don't want to bet the company on the success of this one development.\n\nLarger developers or REITs with several thousand units will not touch this smaller size unless they already own a bunch of properties in the area and even then, this is likely too small. These big developers/owners typically need to buy/develop several hundred units to get the economy of scale they want with overseeing multiphase larger developments and hiring a regional manager to oversee multiple leased communities.\n\nThe market is pulling back due to higher rates and potential recession risk so you won't see bidders be very aggressive with offers, but should be able to find some decent offers.", "replies": [], "depth": 1}, {"id": "ixtbk1x", "text": "I suggest oakland, ca", "replies": [{"id": "ixtdwca", "text": "I\u2019m an RE developer in Oakland. You\u2019re spot on, Oakland is a great market for selling entitlements. I believe entitlements go for 85-100k per unit, assuming you have a project with 20+ units and the project is located near transit.\n\n\nEdit: Also I forgot to mention that Oaklands planning department is extremely backlogged due to staffing issues from COVID.", "replies": [], "depth": 2}], "depth": 1}, {"id": "ixunro5", "text": "I just got approval for a 59 unit project in Southern Ontario a few months ago. Now I am in the process of securing financing. If I cannot secure financing or an equity partner. I will sell the shovel ready project.", "replies": [{"id": "ixuo66u", "text": "Have you sold one about that size or larger before?", "replies": [], "depth": 2}], "depth": 1}, {"id": "ixupurj", "text": "Broker in Ontario - definitely a market for this type of property. Generally requires longer exposure period or having a buyer in your back pocket. Also demand has slightly waned over the past few months with rising rates. Happy to discuss further.", "replies": [], "depth": 1}, {"id": "ixw885q", "text": " The larger the better", "replies": [], "depth": 1}]