PHOENIX — Developer MIlhaus and Banyan Residential, a Los Angeles-based private real estate investment firm, have started construction on the first phase of a 515-unit apartment community in Phoenix. Phase I, a $117 million development, is slated for completion in fourth-quarter 2025.
Located at the southwest corner of 48th and Washington streets in a designated Opportunity Zone, the 320-unit first phase will include a mix of studios, one-, two- and three-bedroom units ranging in size from 415 square feet to 1,392 square feet. Residences will feature glass showers, walk-in closets, kitchens with stainless steel appliances and private balconies. Community amenities will include two clubhouses and resort-style pools, a fitness center, green space and dog park.
UMB, with syndication by First Merchants and Academy Bank, provided a $63.3 million construction loan for the project. The project is Banyan’s ninth Opportunity Zone development and its fourth deal with Milhaus.