Closes on Purchase of Land for Cabana Southern; Construction to Begin in August
The Cabana brand of attainably priced multifamily developments is coming to east Mesa, further expanding the brand’s footprint in the Valley.
Scottsdale-based Greenlight Communities will build a new 250-unit development called Cabana Southern just west of the southwest corner of Crismon and Southern Avenues in Mesa. Greenlight purchased the property in July for $3.8 million and plans to start construction this month.
Cabana Southern has an estimated construction cost of $42 million, and is estimated to welcome its first residents in Fall 2022. The project is in the middle of a significant cluster of nearby attractions, including medical office, retail, mixed-use, hotels, restaurants and other features being built within a one-mile radius.
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.
Greenlight Communities is the first company to innovatively focus solely on building attainable housing to fill the void between affordable and luxury apartments, using their 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.
This type of attainable housing also provides options that allow these workers to live closer to their work, providing a number of benefits for the local community and economy.
“The east Mesa market is a perfect location for the Cabana brand and we are excited to begin work on Cabana Southern in the coming weeks,” said Patricia Watts, principal of Greenlight Communities. “This is a rapidly growing area of the community with new healthcare facilities, schools and retail features, all providing more jobs. This Cabana community will provide attainable housing for workers to be able to move nearby and fill these jobs. We feel very positive about this.”
Greenlight is currently in the process of building more than 3,000 new Cabana units in Arizona. The east Mesa project is the ninth new-build Cabana project and will make use of Greenlight’s innovative approach and industry-changing designs to create communities with reasonable rent rates.
Greenlight Communities is working to fill a critical need in the multifamily housing market. Mesa was ranked #26 in the country in fastest rental rate increases in 2020, according to a recent study by AdvisorSmith, and several other Valley communities were included on that list as well. The vast majority of newly built multifamily projects are luxury-oriented with higher rents, making them unaffordable for middle-income renters.
“With rental rates increasing across the market, it’s important for residents to have attainable rental options that provide a quality living environment,” said Dan Richards, principal at Greenlight Communities. “We’re very pleased with how the Cabana approach is resonating with our residents and proud to be able to expand this important market segment.”
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.
Greenlight Communities is currently leasing at their Cabana Hayden property in Scottsdale and has two projects underway in the city of Goodyear, one in Glendale and second in Mesa. Projects are also under construction and in the development pipeline in additional cities , including Phoenix and Tucson.
In response to the COVID-19 pandemic, residents can take virtual tours and talk to leasing representatives online via the apartment communities’ websites and virtual leasing portals. Residents are also welcome to visit the sites for in-person tours during business hours. For more information on Greenlight Communities’ Cabana apartments visit www.livegreenlight.com or call (480) 609-6779.