LOS ANGELES, CA - Banyan Residential, an LA-based private real estate investment company, has announced the groundbreaking of Banyan Beckley, a 279-unit luxury multifamily community in Dallas, Texas. This development marks Banyan’s first foray into the Dallas market, and growing presence in Texas following the acquisition of a multifamily property in downtown Houston last year. The new five-story community, which is being developed in collaboration with Banyan’s partners at Milhaus, will be a welcomed addition to the popular Bishop Arts District neighborhood. The team secured a $38.2 million construction loan from Hillcrest Bank earlier this month.
Located at 1710 N Beckley Avenue, the project is in close proximity to one of Dallas’ most walkable neighborhoods in Bishop Arts – offering more than 60 locally-owned boutiques, restaurants, bars, coffee shops, and art galleries – and is a short drive to downtown Dallas.
“We are thrilled to expand Banyan’s development footprint in a market as exciting as Dallas,” said Ben Brosseau, Founder at Banyan Residential. “The city continues to experience strong, unprecedented growth given its healthy job market, affordable lifestyle, good weather and various entertainment venues. It’s an excellent market in which to grow our core business.”
Designed by award-winning architecture firm JHP, Banyan Beckley will offer a variety of unit types including micro-units, studios, one-, two- and three-bedroom residences. The building will also feature a wide range of first-class amenities and services including a resort-style pool, mobile workspace areas, a multi-purpose clubhouse, and a rooftop deck with stunning views of the city skyline across the Trinity River basin.
"Our goal was to create a building that is unique in both its design and offering," added Max Friedman, Partner at Banyan Residential. "We believe future residents will gravitate towards the sky deck, pool, clubhouse, and mobile workspace areas, in addition to the vibrant and welcoming architecture, inside and out."
Banyan is currently working on several projects with Milhaus, including a 651-unit multifamily development in Tempe, Arizona, which broke ground in April.
“We are pleased to continue our partnership with Banyan Residential, developing some of the best and highest quality apartment communities in growing markets,” said Brad Vogelsmeier, Vice President of Development at Milhaus. “This project is well-positioned to raise the bar for luxury living in Dallas.”
Banyan, which focuses on ground-up development and acquisitions in gateway markets, entered the Texas arena in 2020 when it acquired a multifamily development in Houston next to BBVA Stadium and Minute Maid Park.
Banyan Beckley is expected to be complete in 2023.
For more information, please visit Banyan Residential at www.banyanresidential.com