(Read more on the multifamily market.)
BOYNTON BEACH, FL-Winter Park-based Epoch Properties Inc. has started construction on Las Ventanas, a 494-unit multifamily rental complex with projected starting rents of $1,500 per month. The two five-story towers, with parking garages, will include 43,000 sf of retail space.
Las Ventanas is going up at the northwest corner of Woolbright Road and US Hwy. 1 on a 14.6-acre tract just one-eighth of a mile from the Atlantic Ocean. It is expected to be completed within 16 to 18 months. Dockerty Romer & Co. arranged the joint venture financing.
Epoch is developing the property in a joint venture with Newark-based Prudential Real Estate Investors, which is acting on behalf of institutional investors in a value-added commingled fund. "This project has been in the planning and permitting process for several years and we are enthusiastic about it becoming a reality," Epoch's president Kyle Riva says in a press release.
The project is the latest one to be announced for Boynton Beach. Among other projects being developed is Seacrest Village, a $495-million, mixed-use development on 26 acres bordered by Seacrest Boulevard to the west and Federal Highway to the east. There will be approximately 1,000 residential units, 100 of which will be work force housing. It will include 175,000 sf of retail, restaurants, entertainment venues, a grocery store, fitness center and spa, cafes, professional office space and a new church. Epoch's other Florida projects include the 310-unit Bentley Park at Timacuan in Orlando and the 348-unit La Venezia at Palmer Ranch in Sarasota.
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