Phoenix – Epoch Properties Inc. in Winter Park, Fla. (Kyle Riva, pres.) plans to develop 292 apartments in a $50 million project that should bring about 400 residents to downtown Phoenix. A 1.92-acre parcel located along the south side of Washington Street at 12th Street is targeted for 152 units and a 1.87-acre site located along the north side of Washington Street at 11th Street (alignment) is planned for 140 units. A company formed by Epoch paid a combined $8.1 million to buy the properties from a trust and company formed by Michael Lafferty in Phoenix. The deal was negotiated by Mark Forrester an Ric Holway of Hendricks Berkadia in Phoenix. The downtown apartment projects will be the first in the Valley for Epoch Properties. Since 1970, the privately-held firm has developed more than 32,000 multi-family units in 55 cities located from Florida to California. While the upscale apartments on Washington Street will be the first for Epoch in the Phoenix market, Riva says hopefully it will not be the last. The company is now investing from its Epoch Multi-family Opportunity Fund II and is looking for sites in the Valley to develop more apartments. The two apartment communities in Phoenix, being called 11 Capital Place and 12 Capital Place, are being designed by Archicon. Plans call for two, four-story structures each on top of one-level of podium parking. Riva says construction slated to start second quarter 2014, with opening to follow in early 2015.
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