Banyan Residential, a Los Angeles-based private real estate investment firm, announces the acquisition of 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. Both communities are located within Phoenix’s emerging South Mountain submarket.
READ ALSO: Ground breaks on Verde Medical Center in Gilbert
READ ALSO: Zillow’s 5 bold housing predictions for 2023
“The delivery of both Banyan Preserve and Banyan at South Mountain provide much-needed housing in the rapidly growing Phoenix market,” says Ben Brosseau, founder of Banyan Residential. “These communities satisfy the desire for a single-family lifestyle while taking rental living to a new level.”
Banyan Preserve offers three- to four-bedroom homes ranging from 1,589 to 2,235 square feet, complete with a private backyard, top-of-the-line finishes, attached two-car garage, 10-foot ceilings, smart home technology, and more. Banyan at South Mountain offers four-bedroom homes ranging from 1,250 to 1,589 square feet. The amenities of each home include a covered patio, private backyard, built-in dog door and attached two-car garage, among others.
Each project offers similar community amenities such as a smart security gate, a multipurpose event lawn, barbecue stations, outdoor ramada and lounge areas, and nearby walking trails and parks.
Located just south of Downtown Phoenix, Banyan Preserve and Banyan at South Mountain provide residents with easy access to Phoenix Sky Harbor International Airport, Arizona Mills – the largest indoor mall and entertainment center in Arizona – and close proximity to major employment centers, parks and shopping centers.
The team acquired Banyan Preserve for $19.4M in November 2022 and Banyan at South Mountain for $35.4M in October 2022. The closings mark Banyan’s fifth and sixth acquisitions this year in the single-family rental (SFR) space and bring its SFR pipeline to over 1,000 units and $400M in value.