Suppose you are analyzing a brand new 60-unit apartment complex set to open next fall across the street from the local university. You believe that under current market conditions, you can fully lease the facility at a rate of $1,200 per month. Each lease will be for a 1-year term, and general inflation is forecast to be 2 percent (per year) for the foreseeable future. A quick market analysis reveals the following information about similar complexes in the area: Complex Alligator Oasis Osprey Island Rent/Month Size (ft) $875 Age 900 17 $1,500 1,150 3 Black & Gold Bungalows $900 875 16 Sunrise Suites $1.250 950 6 Orange Grove Gardens $700 700 24 Pegasus Park $1,080 1,200 31 Given your prior knowledge and expertise, you understand that age may materially influence market rents. If the opportunity cost of capital is constant at 10% and you have an expected 3 year holding period on the asset (i.e., you expect to sell the asset at the end of year 3), how much should the proposed apartment complex you are analyzing be worth?