Phoenix & Southwest CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

Sub Markets

Property Sectors

Topics

Phoenix & Southwest  + Phoenix  + Apartments  | 
Banyan buys two Phoenix SFR properties for $500K/unit

Banyan Residential Expands its Phoenix-Area SFR Pipeline

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.

Connect

Inside The Story

Ben Brosseau

About Mike Boyd

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.

  • ◦Sale/Acquisition
New call-to-action