Question: Suppose the developer could build a 2 4 0 - unit luxury apartment complex with a cost of $ 1 5 0 5 0 0

Suppose the developer could build a 240-unit luxury apartment complex with a cost of $150500 per unit. Given that NOI is 60% of rents. What would such a project have to rent for (per square foot) to make an8 percent return on total cost?
Note: Do not round intermediate calculations. Round your final answer to nearest whole dollar amount.

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