Banyan Residential, a developer based in Los Angeles has begun work on another apartment community after breaking ground on a 279-unit rental project in April.
The Banyan Beckley apartments are located on North Beckley Avenue near Methodist Dallas Medical Center. The project, estimated to cost $55 million, is a partnership between Banyan Residential and Milhaus, a real estate firm based in Indiana.
Banyan’s second community apartment in Dallas is located at 2022 North Beckley Avenue near Interstate 30 in West Dallas. Per The Dallas Morning News, Banyan Flats will be a 289-unit apartment complex with views of the Dallas skyline across the Trinity River.
With its second project in Dallas, Banyan Residentials is working in partnership with Utah-based Bridge Investment Group. JPMorgan provided financing for the project.
Per The Dallas Morning News, the rental community is scheduled to open in 2023.
Banyan Residential partner Max Friedman said in a statement, “We are excited to grow alongside our partners at Bridge to deliver Banyan’s second Opportunity Zone development in Dallas.”
Friedman further said that Dallas is “one of the top US markets for net migrations of new residents” and is a great place to invest in long-term growth.
“Banyan Flats fits well within Bridge’s mandate to focus on multifamily, transit-oriented developments as an avenue to revitalize underserved communities by investing in building sustainable neighborhoods with high-quality partners,” a statement by David Coelho from Bridge Investment Group reads.
Coelho also said that the group’s aligned development and investing strategies make way for “dynamic projects like Banyan Flats.”
The Banyan Flats project will include a fitness center, a rooftop deck, and a clubhouse. It will also feature a resort-style swimming pool.
