Banyan Residential announced the acquisition of Banyan Preserve, a single-family rental community with 38 luxury homes in Phoenix.
The deal comes on the heels of Banyan’s acquisition of the project’s sister property, Banyan at South Mountain – which features 72 luxury single-family rental homes. Both communities are located within Phoenix’s South Mountain submarket. Banyan Residential acquired Banyan Preserve for $19.4 million in November 2022 and Banyan at South Mountain for $35.4 million in October 2022.
“The delivery of both Banyan Preserve and Banyan at South Mountain provide much-needed housing in the rapidly growing Phoenix market,” said Ben Brosseau, founder at Banyan Residential. “These communities satisfy the desire for a single-family lifestyle while taking rental living to a new level.”
Banyan Preserve offers three- to four-bedroom homes ranging from 1,589 to 2,235 square feet, complete with a private backyard, top-of-the-line finishes
