PHOENIX—Capital Place, the $50 million apartment complex now underway, is accepting pre-leasing agreements at yourcapitalplace.com. Florida-based Epoch Residential is developing the 1.87-acre site on the corner of Washington and 11th Street at 1012 E. Washington St., and the 1.92-acre site on the corner of Washington and 12th Street at 11 S. 12th St., into 11 Capital Place and 12 Capital Place respectively. Both are adjacent to the 12th Street light rail stop.
Combined, the four-story corner buildings will add 292 luxury apartment units to downtown Phoenix, housing approximately 400 residents when completed in early 2016. Rental rates range from $1,100 to $2,400 per month. Epoch Residential will manage both properties. Archicon Architecture & Interiors L.C. is designing the project and Hardison/Downey Construction Inc. is the contractor.
Justin Sand, president and CEO of Epoch Residential, tells GlobeSt.com: “We approached downtown Phoenix with an outsider's perspective. Despite big investments by the public sector and others, apartment developers were paying downtown very little attention post-recession. We found this surprising, and saw opportunity in beating the masses to this revitalization story and taking advantage of an established light rail system. Initial interest in the project has been very encouraging and we look forward to kicking off lease-up with all the momentum building downtown.”
Capital Place will offer spacious studio, one-, two- and three-bedroom floorplans ranging in size from 581 to 1,324 square feet. Each residence will feature contemporary finishes including custom kitchen cabinets, granite countertops, stainless steel appliances, ceramic sink and tub surrounds, vinyl plank flooring and ceiling fans in all bedrooms. Capital Place will offer its residents 9-foot ceilings, master bedroom walk-in closets in two- and three-bedroom floorplans and covered balconies in every home.
Each four-story building will include its own clubhouse, a 24-hour fitness center, a social lounge with a pool table and widescreen TV, courtyards, an outdoor fireplace with seating, barbecue grills and picnic areas, assigned covered parking and secure bicycle storage. The complex also features a swimming pool, media and game room, coffee bar and café, as well as eight live/work units on the ground floor with retail storefront exposure.
Epoch Residential is a development, construction and management company specializing in multifamily real estate in the Southeast and Southwest regions of the United States.
“As our first development in Phoenix, Capital Place is an exciting project for us and for downtown,” said Sand. “There is significant urban movement taking place right now with infill development making downtown living more appealing to millennials and young professionals.”
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
