Banyan Washington. Image courtesy of Banyan Residential Banyan Residential has started construction on another project in an Arizona opportunity zone. The developer expects its first moves into Banyan Washington in late 2021. The 223-unit community at market price is being built at 5321 E. Washington St., Phoenix. Max Friedman, partner at Banyan Residential, told Multi-Housing News that Banyan Washington will offer studios with one, two, and three bedroom floor plans spread across three five-story buildings. Select units are built with glass showers and balconies, while property amenities include a pool, fitness center, rooftop terrace, mobile work area, and dog area. Renters can commute to the other nearby Arizona towns as the community is next to the Valley Metro light rail and near the Arizona Loop 202 Freeway. The community was designed by CCBG Architects of Phoenix and is being built by Hardison Downey. Banyan Residential hired Rick Engineering Co. to be the civil engineer on the project, while Mountain Pacific Opportunity Partners is the equity partner of the project. Friedman told MHN that Banyan is very optimistic about the Phoenix market because of its business-friendly environment, strong employment numbers and proximity to the University of Phoenix. Friedman added in prepared remarks that the Phoenix Banyan’s newest project is a major investment in the area that will bring 150 construction jobs. FINDING OPPORTUNITIES IN ARIZONA Banyan Residential also broke ground for another project in Arizona in an opportunity zone earlier this year. In March, Banyan Residential partnered with Bridge Investment Group to develop Scottsdale Entrada, a mixed-use property of 736 units, plus office and retail space. The first apartments should be ready for occupancy at the end of 2022, the completion of the office space for the third quarter of 2021 Transport, which makes development more difficult, ”Friedman told MHN. “But these locations, Scottsdale Entrada and Banyan Washington, are both very central to Phoenix, Scottsdale and Tempe, and the location demographics are very strong.”
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