Banyan Residential Breaks Ground on Phoenix OZ Project
The developer is expecting to see its first move-ins at Banyan Washington in late 2021.
Banyan Washington. Image courtesy of Banyan Residential
Banyan Residential has started construction on another project within an Opportunity Zone in Arizona. The developer is expecting to see its first move-ins at Banyan Washington in late 2021.
The 223-unit market-rate community is being built at 5321 E. Washington St. in Phoenix. Max Friedman, partner at Banyan Residential, told Multi-Housing News that Banyan Washington will offer studios, one-, two- and three-bedroom floorplans spread throughout three, five-story buildings. Select units will be built with glass showers and balconies while the property’s amenities include a pool, fitness center, rooftop deck, mobile workspace hub and dog area. Tenants will be able to commute to Arizona’s other nearby cities as the community is located adjacent to the Valley Metro light rail and near Arizona’s Loop 202 Freeway.
The community was designed by Phoenix-based CCBG Architects and is being built by Hardison Downey. Banyan Residential tapped Rick Engineering Co. as the project’s civil engineer while Mountain Pacific Opportunity Partners is the project’s equity partner.
Friedman told MHN that Banyan is very bullish on the Phoenix market due to its business-friendly environment, strong job growth numbers and being located near the University of Phoenix. Friedman added in prepared remarks that the Banyan’s latest project in Phoenix is a significant investment in the area that will bring 150 construction jobs.
FINDING OPPORTUNITIES IN ARIZONA
Banyan Residential also broke ground on another Arizona project located within an Opportunity Zone earlier this year. In March, Banyan Residential teamed up with Bridge Investment Group to develop Scottsdale Entrada, a mixed-use development that will have 736 residential units alongside office and retail space. The first apartments are expected to be ready in late 2022 while the office space is scheduled for completion by the third quarter of 2021.
“In a lot of states, Opportunity Zone properties are located in areas that aren’t close to jobs nodes or multimodal transportation which makes developing more difficult,” Friedman told MHN. “But these locations, Scottsdale Entrada and Banyan Washington, they’re both really centrally located to Phoenix, Scottsdale and Tempe and the location demographics are very strong.”
