Banyan Residential has partnered with national developer Milhaus to begin work on the first phase of a 515-unit luxury apartment community in Phoenix. The $117 million development, consisting of 320 units, is expected to be completed by Q4 2025 and was made possible through syndication by First Merchants and Academy Bank with UMB providing a $63.3M construction loan.
Located at the Southwest corner of 48th Street and Washington Street in an Opportunity Zone, this new community will offer studios as well as one through three-bedroom units ranging from 415 to 1,392 square feet featuring glass showers, walk-in closets, premium kitchens with stainless steel appliances and private balconies. Residents can also enjoy two clubhouses complete with resort style pools plus fitness center green space and dog park amenities for their enjoyment.
This project marks Banyan’s ninth Opportunity Zone development along side its fourth deal with Milhaus making it yet another successful collaboration between both parties involved .
