Banyan Residential, along with national developer Milhaus, have acquired a 15.5-acre site in Phoenix. The team will develop a two-phased 515-unit apartment community along the Washington Street light rail corridor in an Opportunity Zone. Banyan received unanimous City Council approval for the rezoning of a vacant site that sat empty for years. Construction is slated to begin on Phase One, which includes 320 units, in Q1 2023

The planned $200 million-plus project marks Banyan’s ninth Opportunity Zone development and its fourth deal with Milhaus. Located at the Southwest corner of 48th Street and Washington Street, the community will include a mix of studios, one-, two-, and three-bedroom units, ranging in size from 415 to 1,392 square feet.

“This site provides a tremendous opportunity to bring high-quality apartments to an area experiencing remarkable growth due to its convenient location, public transportation, and expanding employment hub,” says Banyan’s Max Friedman.