Banyan Residential, a Los Angeles–based private real estate investment firm, in partnership with national developer Milhaus, has purchased 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 project marks Banyan’s opportunity zone development and its fourth deal with Milhaus.
Located at the southwest corner of 48th and Washington streets, the community will include a mix of studios, one-, two- and three-bedroom units, ranging in size from 415 square feet 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 more than a year of intensive entitlement efforts,
