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Arizona firm digs in on ‘attainable’ rental housing

Posted by   /  January 31, 2020  /  No Comments

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Greenlight Communities is scheduled to open its first two new construction properties under its Cabana brand in April in Phoenix. The developers describe the communities as “attainable” housing for the workforce. / Affordable Housing Finance

Greenlight Communities aims to provide workforce housing without using government programs.

By Donna Kimura | Affordable Housing Finance

Two new apartment communities are aiming to fill the void between affordable and luxury apartments in Phoenix.

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 firm aims to serve teachers, first responders, health-care workers, and others struggling with rising rents. These households earn too much for many affordable housing properties but not enough for the luxury communities being built in the booming Phoenix market, where “rent growth is expected to remain strong this year, bringing the average effective rent up to $1,280 per month after a 9.7% advance was registered last year,” according to a 2020 Marcus & Millichap forecast.

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