Use the information provided below to answer the question that follows:

Project Type:		Apartment Building
Number of Units:		60
Expected Rent Per Unit Per Month:		$2,000
Site Acquisition Costs:		8 acres @ $500,000 per acre
Site Development Costs:		8 acres @ $100,000 per acre
Hard Construction Costs:		$130,000 per unit
Soft Construction Costs:		$25,000 per unit
Vacancy Rate:		5%
Operating Expense Ratio:		40%
Debt Service Coverage Ratio:		1.25
Interest Rate:		5% per year
Amortization Period:		30 years
Cap Rate for Apartment Buildings:		6%
Required Return to Equity:		8%

Is this project feasible according to the required rent approach?