Developer Enters Arizona Market with Large Opportunity Zone Project in Tempe 

by Mike Hunter

Milhaus, a national award-winning developer, owner and operator of Class-A multifamily properties, is expanding into Arizona with one of the company’s largest developments to date: Milhaus North Tempe. As this April edition goes to press, groundbreaking is imminent on the $91-million first phase of this planned two-phase development project by Milhaus in partnership with Los Angeles-based development firm Banyan Residential.

Milhaus’ first Arizona development will showcase a collection of 310 studio, one-, two-, three- and four-bedroom units in its first phase and will total 621 units when the project is complete. The complex will offer residents luxury amenities such as a pool deck, grill stations, outdoor spa, commercial grade fitness center, clubhouse with work and entertainment areas, an on-site library, dog park overlooking Downtown Tempe and much more. 

Centrally located less than a quarter mile to Tempe Town Lake, a mile to Arizona State University, and one and a half miles to downtown Tempe, Milhaus North Tempe will sit in the heart of the best Tempe has to offer. Students and young professionals are flocking to the city for its clean, safe college town atmosphere, diverse restaurants, great music scene, sunshine, events and nightlife. All these factors and more contributed to Tempe’s #12 ranking among cities that attract young workers according to USA Today. “I can’t think of a better place for Milhaus to join the Arizona market than Tempe,” said Milhaus Vice President of Development Brad Vogelsmeier. 

Milhaus North Tempe is located in a Qualified Opportunity Zone, which was established by the Tax Cuts and Jobs Act of 2017 to spur economic development and job creation by incentivizing investment in underserved communities. Milhaus is widely recognized as a leader in multifamily Opportunity Zone investments.

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