A Dallas-area opportunity zone is about to get a $59M apartment development created by developer Milhaus in partnership with Los Angeles-based Banyan Residential.
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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.
Milhaus already manages $400M in OZ assets across the country.
“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,” Milhaus Vice President of Investor Relations Chris Beres said in a statement.
The apartment project is 2 miles from Downtown Dallas near the Bishop Arts District and Trinity Groves.
The developers are relying on JHP Architecture to handle the building's design, while Oden Hughes will handle construction.
Vignette Interior Design is designing the interiors while SPIARS Engineering is providing engineering services.
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