Milhaus, a national award-winning developer, owner and operator of Class-A multifamily properties, has closed on its second residential apartment development in Tempe, Arizona. The $56 million Qualified Opportunity Zone (QOZ) development located at 2119 E Apache Blvd in Tempe will offer 219 studio, one- and two-bedroom apartment units and five live-work spaces.
The complex will be Milhaus’ first-ever partially solar-powered property with solar panels on carports to help reduce common area electricity usage. Top-tier amenities will include a pet-friendly spa and bark park, resident lounge with a coffee shop and in-house barista, communal kitchen, rec/game room, coworking and office spaces, pool and outdoor entertainment deck with fire pits, fitness center and yoga studio, and more. Adjacent to the complex, residents will have access to Cul De Sac, a new car-free mixed use cultural district including restaurants, grocery and retail shops.
The location in Tempe is rapidly developing into a mixed-use corridor with the expansion of the Arizona State University (ASU) campus, plus the addition of the Valley Metro Rail on Apache Blvd. The quick growth mixed with one of the largest employment hubs in Phoenix makes this neighborhood the perfect fit for Milhaus’ next project.
“We are thrilled to add to the exponential growth in Tempe,” said Brad Vogelsmeier, Vice President of Development at Milhaus. “This project, which sits along the quickly densifying Valley Metro Rail corridor, will provide quality housing and promote a sustainable lifestyle, while being in the center of Phoenix’s largest employment node, and steps away from the Mill Ave Cultural District.”
The new residential community is located in a QOZ, which was established by the Tax Cuts and Jobs Act of 2017 to spur economic development and job creation. The program incentivizes investment in underserved communities via significant investor tax benefits with respect to current and future capital gains. Milhaus is widely recognized as a leader in multifamily QOZ investments, now managing over $400 million in QOZ assets across eight single-asset Qualified Opportunity Zone Funds.
Milhaus is partnering with CCBG Architects, McShane Construction, Design-Art, LLC and 3 Engineering to bring the new Tempe community to life.
Founded in 2010, Milhaus exclusively targets secondary markets across the Midwest and Sunbelt. The company’s current portfolio includes over two dozen properties in 11 states and over 6,000 units.