Phase One of $117M Multifamily Development in Opportunity Zone Breaks Ground in Phoenix

Banyan Residential, a Los Angeles-based private real estate investment firm, in partnership with national developer Milhaus, has commenced construction on the first phase of a new 515-unit luxury apartment community in Phoenix, Arizona. Phase one, a $117M development consisting of 320 units, is expected to be complete in Q4 2025. UMB, with syndication by First Merchants and Academy Bank, provided a $63.3M construction loan.

Located at the Southwest corner of 48th Street and Washington Street, in a designated Opportunity Zone, the community will include a mix of studios, one-, two-, and three-bedroom units ranging in size from 415 to 1,392 square feet. The project will feature extensive amenities including two clubhouses and resort-style pools, a fitness center, green 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.

“Phoenix continues to witness increased demand for high-quality apartments due to the market’s surging levels of in-migration, and we look forward to delivering an attractive housing option to the community alongside our partners at Milhaus,” said Max Friedman, Partner at Banyan Residential. “This property’s central location in Phoenix is truly unbeatable, as it puts future residents within close proximity to the Valley’s primary employment hubs and top entertainment venues.”

The community will offer residents a convenient living space less than 15 minutes from the airport and top employers in downtown Phoenix, Tempe, and Scottsdale. In addition, the building will offer a pedestrian-friendly environment, providing convenient access to the Valley Metro light rail two blocks to the east.

“We are excited to break ground on another best-in-class residential development with thoughtfully designed residences and amenities in an area ripe for continued growth,” said Brad Vogelsmeier, VP of Development at Milhaus. “Working with great partners like Banyan is a key part of our strategy in bringing this and other developments to life.”

Tricia A. Edsall, Senior Vice President and Commercial Real Estate Regional Manager of UMB Bank, N.A, said, “Phoenix is an exciting place to be right now, and UMB is proud not only to support its growth, but also of the lasting impact the development will have on the larger community. We can’t wait to see this project come to life and what it will mean for residents for years to come.”

This project marks Banyan’s ninth Opportunity Zone development and its fourth deal with Milhaus.

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