Banyan Residential has acquired two Single Family Rental (SFR) communities in the last two months. They paid $19.5 million for Banyan Preserve, a single-family rental community with 38 luxury homes in Phoenix. The deal comes on the heels of Banyan’s acquisition of the project’s sister property, Banyan at South Mountain – which features 72 luxury single-family rental homes. Banyan South Mountain had a $35.4 million price tag. That comes out to exactly $500,000 a unit. The closings mark Banyan’s fifth and sixth acquisitions this year in the SFR space and bring its SFR pipeline to over 1,000 units and $400M in value.

Banyan’s Ben Brosseau added, “These communities satisfy the desire for a single-family lifestyle while taking rental living to a new level.”

Each community offers up to four bedrooms with amenities such as a smart security gate, a multipurpose event lawn, barbeque stations, outdoor ramada and lounge areas, and nearby walking trails and parks.