Banyan, Milhaus Team Up on $117M Phoenix Apartment Community
Banyan Residential, in partnership with national developer Milhaus, has started work on the first phase of a new 515-unit luxury apartment community in Phoenix. Phase one, a $117 million development consisting of 320 units, is expected to be complete in Q4 2025. With syndication by First Merchants and Academy Bank, UMB 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 through three-bedroom units ranging in size from 415 to 1,392 square feet. The project will feature amenities, including two clubhouses and resort-style pools, a fitness center, green space, and dog park. Units will include glass showers, walk-in closets, premium kitchens with stainless steel appliances, and private balconies.
This project marks Banyan’s ninth Opportunity Zone development and its fourth deal with Milhaus.
Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.