In a joint venture with Holualoa Companies, Scottsdale-based Greenlight Communities will build a new 292-unit development under its Cabana brand at Happy Valley Road and 19th Avenue in Phoenix. Greenlight purchased the property in early May for $5.8 million and plans to break ground on the new project in August 2021.
Greenlight Communities is the first company to innovatively focus solely on building “attainable” housing to fill the void between affordable and luxury apartments, using its leading-edge business and development model to create a one-of-a-kind housing alternative for middle-class residents working in fields such as teaching, healthcare and public safety.
Cabana communities provide brand-new living spaces with modern designs and desired amenities – all at attractive rental prices. Cabana properties feature contemporary appliances and kitchen finishes, luxury vinyl tile, a co-working lounge and state-of-the-art fitness center all accessed via smart home technology.
“We are excited to expand the Cabana brand into the north Phoenix market and to bring this exceptional product to a fast-growing area of the Valley,” says Patricia Watts, principal of Greenlight Communities. “The Happy Valley area is an ideal location for the Cabana brand and will be a key resource for families looking for attainable housing options near major retail, entertainment and healthcare facilities.”
Greenlight is currently in the process of building more than 3,000 new Cabana units in Arizona. The north Phoenix project is the eighth new-build Cabana project and will make use of Greenlight’s innovative approach and industry-changing designs to create communities with reasonable rent rates.
“We are very pleased with the ongoing success of the Cabana brand both from a leasing perspective and from an investment standpoint,” said Dan Richards, principal at Greenlight Communities. “The leasing activity we are seeing combined with the interest in the investment market in the first two Cabana properties shows just how strong the market is for this type of product.”
Greenlight Communities is working to fill a critical need in the multifamily housing market. The Phoenix metro area experienced the largest increase in rental prices of any market in the country in 2019, and, since 2014, apartment rents have risen by an average of 40%. The vast majority of newly built multifamily projects are luxury-oriented with higher rents, making them unaffordable for middle-income renters.
Greenlight Communities’ business model eliminates many of the cost and time constraints other building projects and apartment communities around the country inevitably experience and uses innovative designs and economies of scale to create a quality living experience at attainable rental rates.