A brand-new luxury multifamily development just opened its doors in a formerly industrial pocket of Tempe—and it’s one for local investors to watch. Here’s what you need to know about Northbend, the latest project from Milhaus and Banyan Residential:
📍 Key Project Details
- Location: 906 N. Miller Road, North Tempe
- Units: 310 apartments ranging from studios to 4-bedroom floor plans
- Developers: Milhaus (national multifamily developer) & Banyan Residential (real estate investment firm)
- Notable Amenities:
- Trading Post with borrowable kayaks, paddleboards, and camping gear
- Pool deck, outdoor spa, grill stations
- Commercial-grade fitness center, clubhouse, library, and a no-breed-restriction dog park
🏗️ Development Highlights
- Northbend is Milhaus’ second project in Tempe, following Nollie, with a third opening soon in Phoenix.
- Milhaus has over 7,500 units in 26 properties under management, valued at $2B.
- Banyan has developed/acquired 2,500+ units and 250K+ sq. ft. of office space since 2019 in the Phoenix metro.
🧠 Investor Takeaways
- This project reflects continued strong demand for high-end rentals in the Phoenix metro.
- It also underscores a trend toward full-service, experience-rich multifamily buildings, appealing to lifestyle renters.
- Developers see opportunity in redeveloping underutilized industrial zones, turning them into amenity-rich neighborhoods.
💡 Why It Matters for SFR Investors
- New apartment inventory like this raises the bar for amenities and tenant expectations.
- SFR investors should consider upgrading units or offering service-oriented amenities (think: lawn care, pest control, or smart home features) to stay competitive.
- Property managers should be ready to differentiate on responsiveness and tenant experience, especially as multifamily competition tightens.