Milhaus Enters Texas Market with $59 Million Opportunity Zone Development in Dallas

Project represents the company’s sixth Qualified Opportunity Zone investment amidst unprecedented demand for tax-advantaged multifamily development projects.

INDIANAPOLIS (April 30, 2021) –Milhaus, a national award-winning developer, owner and operator of Class-A multifamily properties, today announces its expansion into Texas with North Beckley, a $59 million Qualified Opportunity Zone (QOZ) development coming to the burgeoning Dallas area. The project, in a partnership with Los Angeles-based development firm Banyan Residential, will be located at 1710 N. Beckley Ave. in Dallas, Texas, and is scheduled to break ground in May of this year.

Milhaus’ first Texas development will include 279 studio, one- and two-bedroom units and 378 onsite parking spaces. The complex will offer residents sought-after amenities such as a commercial-grade fitness center, an indoor/outdoor aqua lounge, an outdoor pool, communal grilling stations and much more. Additionally, residents will have access to the property’s sky lounge overlooking the Trinity River and downtown Dallas.

Located only two miles from the center of downtown Dallas and bordering the renowned cultural districts of Trinity Groves and Bishop Arts, Milhaus’ North Beckley development is ideally situated for current and future residents of the city. According to a recent study by SmartAsset, Texas and Dallas ranked No. 1 and No. 11, respectively, for locations where Millennials are moving. This development offers the location and amenity-centric living that today’s renter is seeking.

“We are thrilled to expand to another state in the Sunbelt in partnership with Banyan,” said Milhaus Vice President of Development Brad Vogelsmeier. “Dallas has everything we look for in new markets – culture, a diverse economy, dynamic neighborhoods supporting local businesses and plenty of opportunities for future growth. We’re looking forward to expanding our presence in Dallas and throughout Texas.”

North Beckley is located in a Qualified Opportunity Zone (QOZ), which was established by the Tax Cuts and Jobs Act of 2017 to spur economic development and job creation. This program incentivizes investment in underserved communities via significant investor tax benefits with respect to current and future capital gains. North Beckley is the company’s sixth project funded by QOZ capital and the second of at least four planned Opportunity Zone developments in 2021. Widely recognized as a leader in multifamily Opportunity Zone investments, Milhaus now manages over $400 million in QOZ assets.

“We saw exceptionally strong demand for this project given the attractiveness of the Dallas market and economy, North Beckley’s unique and appealing submarket, and a widening interest in Opportunity Zone investments, generally,” said Milhaus Vice President of Investor Relations Chris Beres. “With the recent proposal to raise capital gains tax rates for the nation’s highest earners, investors have flooded Milhaus with inquiries because of our best-in-class Opportunity Zone Multifamily Development platform. The benefit of ultimately paying zero capital gains on a QOZ investment held for 10 years is pretty incredible to begin with and only gets better if taxes rise in the future. It’s not surprising we set a new firm record of attracting over 40 equity participants in this deal.”

“As our partnership with Milhaus continues to grow, we’re particularly excited to enter the Dallas market together,” said Banyan Residential Founder Ben Brosseau. “To help shape neighborhoods in their growth and the realization of their full potential is something our organizations strive for with every project. Working with Milhaus to bring residents to the North Beckley Avenue corridor is particularly meaningful to me as I grew up in Dallas and have seen firsthand how the lives of residents will improve as a result of our development.”

Milhaus and Banyan are also working together with JHP Architecture, multifamily construction firm Oden Hughes, Vignette Interior Design and SPIARS Engineering to bring North Beckley to market.

Founded in 2010, Milhaus exclusively targets secondary markets across the Midwest and Sunbelt. The company’s current portfolio includes over two dozen properties in 11 states and over 6,000 units. For more on Milhaus, visit www.milhaus.com.

ABOUT BANYAN

Banyan Residential is a private real estate investment company specializing in the ground up development and acquisition of multifamily, office and retail properties in gateway markets across the United States.  Established in 2018 and headquartered in Los Angeles, Banyan’s executive team has led the development and acquisition of over 4,300 multifamily units representing approximately $2 billion of transaction volume.  The firm currently manages a development pipeline exceeding $600 million in value, comprising more than 1,800 residential units and 250,000 rentable square feet of office space. For more information, visit www.banyanresidential.com