$177M Milhaus North Tempe will break ground in Opportunity Zone
Milhaus, a national award-winning developer, owner and operator of Class-A multifamily properties, announced its expansion into Arizona with Milhaus North Tempe, one of the company’s largest developments to date. The $91 million first phase of this planned two-phase $177 million development project, in a partnership with Los Angeles based development firm Banyan Residential, will be located at 1245 E. Curry Rd. in Tempe, Arizona, and is scheduled to break ground in March of this year.
Milhaus’ first Arizona development will showcase an impressive collection of 310 studio, one-, two-, three- and four-bedroom units in its first phase and will total 621 units when the project is complete. The complex will offer residents luxury amenities such as a pool deck, grill stations, outdoor spa, commercial grade fitness center, clubhouse with work and entertainment areas, an on-site library, dog park overlooking Downtown Tempe and much more.
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Centrally located less than a quarter mile to Tempe Town Lake, a mile to Arizona State University, and one and a half miles to downtown Tempe, Milhaus North Tempe will sit in the heart of the best Tempe has to offer. Students and young professionals are flocking to the city for its clean, safe college town atmosphere, diverse restaurants, great music scene, sunshine, events and nightlife. All these factors and more contributed to Tempe’s #12 ranking among cities that attract young workers according to USA Today.
“I can’t think of a better place for Milhaus to join the Arizona market than Tempe,” said Milhaus Vice President of Development Brad Vogelsmeier. “The employment opportunities, entertainment scene and proximity to ASU and Tempe Town Lake make it an appealing location both for residents and developers alike. We are excited to bring such a strong residential presence to a growing area alongside a great partner in Banyan.”
Tempe is home to many employers, the largest of which include Arizona State University, State Farm, Safeway, Wells Fargo, Honeywell, Deloitte, and DoorDash, which attract top millennial talent each year. Milhaus North Tempe is conveniently located to provide residents with easy transit to downtown Tempe, the ASU campus and the 101 and 202 Freeways, ideal for the young professional who wants to be in the middle of the action.
One of the company’s largest investments to date, Milhaus North Tempe, is located in a Qualified Opportunity Zone (QOZ), which was established by the Tax Cuts and Jobs Act of 2017 to spur economic development and job creation. The Opportunity Zone program incentivizes investment in underserved communities via significant investor tax benefits with respect to current and future capital gains. Milhaus North Tempe is the company’s fifth project funded by Opportunity Zone capital and the first of four planned Opportunity Zone developments in 2021. Milhaus is widely recognized as a leader in multifamily Opportunity Zone investments, now managing over $350 million in QOZ assets.
“We’re excited about partnering with Milhaus and taking out a large footprint of the underutilized former county island to kickstart the transformation of the neighborhood,” said Banyan Residential Founder, Ben Brosseau. “The ability to be a catalyst in helping to improve and transform the area is something that’s meaningful to the values and vision of both Banyan and Milhaus.”
Milhaus and Banyan are also working together with architecture firm Todd & Associates, McShane Construction, design-art llc interior design and Rick Engineering to bring Milhaus North Tempe to market.
Founded in 2010, Milhaus exclusively targets secondary markets across the Midwest and Sunbelt. The company’s current portfolio includes over two dozen properties in 10 states and nearly 6,000 units. For more on Milhaus, visit www.milhaus.com.