Affordable Loft Condos Coming to Downtown Phoenix
- Dec 06, 2016
Phoenix—Capitol Lofts took the wraps off the company’s newest 65-unit deluxe condominium community that will be located in downtown Phoenix. Starting at $165,000 and ranging from 571 to 869 square feet, the property will offer affordable housing, being slated for completion earlier next year and move-in ready by summer 2018.
“Our goal is to deliver high quality affordable lofts to Downtown Phoenix. We wanted to bring an affordable housing option that is accessible to people at all income levels,” Saul Siegel, developer for Capitol Lofts, said in prepared remarks.
Property amenities include 71 parking stalls, electric vehicle charging stations, play area with secured dog run, and more than 2,700 square feet of shared community space including a lobby, meeting room, state-of-the-art fitness center and an outdoor patio. Located at 901 W. Washington St., the community offers convenient access to State Capitol and Valley Metro Light Rail. In addition, the property is designed to meet the energy efficient criteria of Energy Star and LEED for Homes by promoting technology integration and a whole-building approach to resident environmental health through sustainable site development.
The developer has teamed up with Guaranteed Rate to offer special financing and affordable housing programs to help first-time homebuyers, as well as those with credit problems or a background of foreclosure. Capital Lofts will also offer a homebuyer readiness program to help potential buyers plan for and prepare to make their new home purchase. In order to qualify for a home, buyers only need a minimum annual income of $27,000.
“Urban dwellers love the hip loft lifestyle, but the majority of the downtown Phoenix lofts are expensive and typically out of reach for the average buyer, and Capitol Lofts will offer a hugely in-demand lifestyle at an affordable price point,” Kristin Bickley, real estate agent with Realty Executives and the Broker of Record for Capitol Lofts, said in a prepared statement.
Rendering courtesy of Capital Lofts