By InBusiness Phx
Banyan Residential, a Los Angeles-based private real estate investment firm, in partnership with national developer Milhaus, has commenced construction on the first phase of a new 515-unit luxury apartment community in Phoenix, Arizona. Phase one, a $117M development consisting of 320 units, is expected to be complete in Q4 2025. UMB, with syndication by First Merchants and Academy Bank, provided a $63.3M construction loan.
Located at the Southwest corner of 48th Street and Washington Street, in a designated Opportunity Zone, 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 project will feature extensive amenities including two clubhouses and resort-style pools, a fitness center, green 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.
