courtesy of MHN online, By Amalia Otet, Associate Editor
Winter Park, Fla.-based Epoch Properties Inc. is starting work on a $50 million multi-family project that would bring up to 292 new apartments to downtown Phoenix. Epoch plans a second-quarter groundbreaking for the project, which marks the Winter Park, Fla.-based company’s debut in metropolitan Phoenix. Completion is scheduled for early 2015.
Dubbed 11 Capital Place and 12 Capital Place, the property would comprise two four-story structures, each on top of one level of podium parking. A parcel located along the south side of Washington Street at 12th Street (1201 E Washington St, Phoenix) is targeted for 152 units and another 140 units are planned for the north side of Washington Street at 11th Street (1012 E Washington St, Phoenix), Business Real Estate Weekly of Arizona reported. The communities will be adjacent to the 12th Street light rail stop.
Epoch bought the two parcels for $8.1 million in a deal structured by Mark Forrester and Ric Holway of Hendricks Berkadia.
The property is designed to attract young professionals with ties to the legal industry, Arizona State University’s downtown campus and Phoenix Sky Harbor International Airport. Archicon, the project’s architect, is designing studio, one-, two- and three-bedroom units ranging from 890 square feet to 1,500 square feet. Monthly rental rates are expected to run from $1,200 to $2,400. Epoch will also manage the properties.