By Rose Law Group Reporter
(PEORIA, Ariz.) — Greenlight Communities, the trailblazing Scottsdale-based real-estate development company committed to constructing affordable and attainable workforce housing, is pleased to announce it has closed on another piece of land where the company will begin its latest project.
This new development, Greenlight’s first in Peoria, Arizona, will introduce 190 new apartment units to the city. Streamliner 87th will be located at the southwest corner of 87th Avenue and Peoria Ave. Construction is set to begin by the end of 2023 with leasing set to start in May 2025.
By focusing solely on creating affordable housing options, Greenlight Communities aims to address the housing needs of the local workforce and contribute to alleviating the housing crisis.
“We are thrilled to introduce plans for our Streamliner 87th project, which is at the forefront of the major redevelopment currently taking place in the City of Peoria,” said Pat Watts, co-founder and co-principal of Greenlight Communities. “Streamliner 87th will transform a vacant lot into a vibrant rental housing community and be an essential part of the revitalization of the downtown area. Project like ours will inevitably attracting new businesses and residents. We are confident that Streamliner 87th will be a success and a welcome addition to Peoria’s dynamic city.”
Streamliner 87th will be conveniently located near major transportation, employment, and recreation options. The development is less than a mile from Arizona State Route 101 and just a half mile from the Phoenix-Wickenburg Highway/Grand Ave. It is also near Banner Boswell Medical Center, Westgate Entertainment District, Glendale Community College, and numerous parks. The project site is also within five miles of more than 25,000 employment opportunities.
Greenlight says this area of Peoria offers a very strong rental submarket with limited new supply. The existing apartments have a built date range of 38 years (1984 – 2020) and only five of the 33 apartment communities were built in the last 5 years. Only two apartment communities and two single family for rent communities were delivered in 2022 within a 3-mile radius of Streamliner 87th.
Once completed, Streamliner 87th will provide 190 new rental units to Peoria residents including 71 studio apartments with starting rents around $1,099. In addition, Streamliner 87th will offer 72 one-bedroom units and 47 two-bedroom units.
Greenlight’s Streamliner communities offer rental rates that average $1,250 per month, compared to the typical downtown rents of $2,100 or more. Greenlight Communities is a private company that provides affordable housing to Arizona residents, largely those who work in essential industries, such as hospitality, retail, education, and healthcare. Greenlight’s goal is to provide quality housing that people can afford and be proud to call home. Greenlight Communities does not receive government subsidies, but instead, have mastered streamlining operations and using innovative building techniques to keep their community rents affordable.
Since breaking ground on its first rental community in 2017, Greenlight has made attainable housing a reality for thousands of Arizona residents. The company has more than $1 billion in projects in various stages of development, with 20 communities in the Valley in various stages of development or completed. By streamlining their design and building processes, and eliminating the waste, the company has significantly reduced its building and construction costs. Greenlight owns and operates its own general contracting and civil engineering divisions. This allows them to deliver a superior product to its residents faster and more affordably.
Greenlight Communities and Holualoa have a proven track record of success on joint projects and the companies are partnering again on Streamliner 87th.
Greenlight has additional Streamliner communities under construction including Streamliner 67th at 67th Avenue and McDowell, Streamliner 16th at 16th and Polk, Streamliner Aldea at NWC 99th and Montebello and many other future communities in metro Phoenix and Tucson.
