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First Look: Another California-Based Investment Group Enters Dallas’ Hot Residential Market
Banyan Residential investment has plans for two multifamily developments in North Oak Cliff, marking a more than $120 million investment.
By
Ellie Beeck
Published in
Commercial Real Estate
May 11, 2021
12:00 pm
North Texas’attractive multifamily residential real estate market has drawn in another California-based investor. Los Angeles-based real estate investment group Banyan Residential has broken ground on a $59 million development the first of two apartment communities it’s planning in Dallas’ North Oak Cliff neighborhoods.
Located at 1710 N. Beckley Ave., the multifamily project will bring 279-unit to the neighborhood. The property is being developed in partnership with the national development company Milhaus, which is also making its grand entrance into the DFW market. The site is located within a Qualified Opportunity Zone (QOZ), established by the Tax Cuts and
$59M OZ Apartment Development Is Coming To Dallas Downtown Dallas
The 279-unit complex is slated to break ground this month at 1710 North Beckley Ave. in Dallas with the assistance of investor cash from an opportunity zone investment fund.
This is Milhaus sixth OZ investment. Qualified opportunity zones were created as part of the Tax Cuts and Jobs Act of 2017 and allow investors tax benefits in the form of holding onto their capital gains when putting money into projects situated in specified underserved communities like North Beckley in Dallas.
The Texas state legislature played a key role in determining what communities would be qualified as opportunity zones.