That headline says something that sounds so real good to-be-true . . .that was back at the start of this year at the end of January 2020.
Arizona Firm Digs in on ‘Attainable’ Rental Housing
Greenlight Communities aims to provide workforce housing without using government programs.
The first project, the $32 million, 226-unit Cabana on Washington, will welcome its first residents in April.
The 252-unit Cabana on 12th is also scheduled to open the same month. They will be the first new construction projects in the Cabana brand by Scottsdale, Ariz.-based Greenlight Communities.
The 252-unit Cabana on 12th is also scheduled to open the same month. They will be the first new construction projects in the Cabana brand by Scottsdale, Ariz.-based Greenlight Communities.
Rents at the Cabana properties will be $300 to $500 per unit below market rates,
In Greenlight’s model, all the communities are designed with individual buildings centered around large common courtyards that feature either pools, Zen gardens, outdoor fitness areas, and other amenities designed to encourage community interaction.
Just as Cabana on Washington and Cabana on 12th are wrapping up construction, the firm plans to begin construction on two projects in Scottsdale and Mesa, Ariz., in the next several months. . .
LINK > Housing Finance
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THIS IS #3 MultiHouising News
June 10, 2020
Greenlight Communities just received a $22.9 million construction loan to develop Cabana on 99th, a 286-unit community in Glendale
JLL secured the funds for the developer and facilitated a joint venture equity partnership with Bridge Investment Group.
Located on 10 acres at 10000 W. Missouri Ave., the property has a projected completion date in 2021.
The amenity package will feature a pool, a common area serving as co-working space, and outdoor barbecue stations. The property is close to a wide variety of shopping and dining options along West Camelback Road and some 17 miles from downtown Phoenix.
In January, the developer acquired the site for $3.5 million from a private investor in an all-cash transaction, Maricopa County records show.
The new development will provide one- and two-bedroom apartments of attainable workforce housing.
Last month, Greenlight delivered two other Cabana-branded communities, providing 478 units of attainable housing in Phoenix.
The JLL brokerage team that secured the funds included Senior Director Brad Miner, Managing Director Bryan Clark and Analyst Daniel Pinkus.
July 13, 2020
Scottsdale-based Greenlight Communities broke ground on Cabana on Power, a 244-unit multifamily development in Mesa. The site is located at 6151 S Power Rd. and the “attainable” housing project is expected to fill the void between affordable and luxury apartments.
The land was acquired last October, and construction is set for completion in the summer of 2021. The project will include 102 studio, 96 one-bedroom, and 46 two-bedroom apartments.
Greenlight Communities’ Patricia Watts says, “At Greenlight Communities we have remained steadfast in our pursuit to build over $300 million of attainable housing apartments in the Phoenix metro area.
Mesa will be our fourth community to be completed in the Valley and we are excited to be providing residents in the Southeast Valley the same affordable options that we are now currently leasing in Phoenix.”
Cabana on Power is a joint venture between
- Greenlight Communities,
- Holualoa Companies and
- Isaac Eteminan
LINK > Connect Media
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