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September 19, 2020
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Banyan Residential and Mountain Pacific Opportunity Partners to Build 222-Unit Res Project in Tempe

8/25/20

Banyan Washington, a 222-unit, planned multifamily development in Tempe, AZ, is scheduled to break ground in the first week of October 2020. The project is being built by Banyan Residential, in partnership with Mountain Pacific Opportunity Partners, who acquired the 4.39 acres of Opportunity Zone land for the development.

Banyan Washington, designed by local architect CCBG, will feature market-rate apartments in an industrial motif. The project offers residents access to a resort-style pool, fitness center, meditation room, mobile market, dog walk, and tenant rooftop deck.

The site is located at 5321 E. Washington St, centrally located near Phoenix Sky Harbor International Airport, the loop 202 Fwy, and downtown Tempe. The development is situated directly along Phoenix’s light rail corridor.

This project was specifically of interest to Mountain Pacific Opportunity Partners as Tempe, along with Phoenix, is forecasted to lead the nation in job growth over the coming years and is further aided by the growing demand by Millennials and Generation Z to target “Sun Belt” markets. The company is a Los Angeles-based capital provider for multifamily development with a focus on Opportunity Zones.




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