Banyan Residential has acquired two single-family rental assets in Phoenix. Both communities are in the South Mountain submarket and total a combined 110 luxury homes.
Banyan at South Mountain traded hands for $35.4 million in October of this year. Shortly after, the firm purchased Banyan Preserve in November for $19.4 million.
Banyan at South Mountain features 72 four-bedroom homes ranging from 1,250 square feet to 1,589 square feet. Amenities for residents include a private backyard, covered patio, two-car garage and dog door.
The homes were completed this year. Banyan at South Mountain is 47.2 percent occupied since beginning leasing in November, according to Yardi Matrix data.
Banyan Preserve is a 38-home SFR community with three- and four-bedroom floor plans. Homes range from 1,589 to 2,235 square feet. A private backyard, two-car garage, 10-foot ceilings and smart home technology is included in each unit.
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Featured in both assets is a smart security gate, event lawn and outdoor ramada and lounge area, as well as barbeque stations and nearby walking trails and green spaces.
Residents of Banyan South Mountain and Banyan Preserve are in proximity to downtown Phoenix’s employment opportunities and retail and dining options. Phoenix Sky Harbor International Airport and Arizona Mills, the largest indoor entertainment center in Arizona, are also easily accessible.
The two acquisitions mark Banyan’s fifth and sixth SFR purchases this year. Recently, the company secured a $64.5 million construction loan for the development of 299 SFR units in Wilmington, N.C. The homes are scheduled from completion at the end of 2024.
