By Erin Thorburn | AZ Big Media
Banyan Residential, a Los Angeles-based private real estate investment firm, in partnership with national developer Milhaus, announces the acquisition of a 15.5-acre site in Phoenix. The team will develop a two-phased 515-unit apartment community along the Washington Street light rail corridor in an Opportunity Zone. The planned $200 million-plus project marks Banyan’s ninth Opportunity Zone development and its fourth deal with Milhaus. Located at the Southwest corner of 48th Street and Washington Street, the community will include a mix of studios, one-, two-, and three-bedroom units, ranging in size from 415 to 1,392 square feet.
The building will feature extensive amenities including two clubhouses and resort-style pools, a fitness center, park space, and dog park. Units will include first-class finishes including glass showers, walk-in closets, premium kitchens with stainless steel appliances, and private balconies. In September 2022, following over a year of intensive entitlement efforts, Banyan received unanimous City Council approval for the rezoning of the underutilized vacant site that sat empty for years. Construction is slated to begin on Phase One, which includes 320 units, in Q1 2023.
