A second new multifamily development catering to individuals and families looking for quality housing at attractive monthly rents is coming to Goodyear.
Scottsdale-based Greenlight Communities announced it will build a new development under its Cabana brand on a 10-acre property at Bullard Avenue and Van Buren Street, with 336 new units planned for the site.
The company purchased the property in late November and plans to break ground on the new project in spring 2021.
It broke ground in November on the $45 million, 286-unit Cabana Encanto, 2323 N. 150th Drive in Goodyear. The 8.8-acre parcel was acquired in June 2020 and construction is set for completion in the winter 2021, according to the release.
Cabana Bullard is located in an emerging area of the community with quick and easy access to Interstate 10 for commuters. The property is a short distance away from restaurant and retail amenities. Both Cabana properties will offer attainable housing in close proximity to top Goodyear employers, such as Microsoft, Amazon, Chewy and Cancer Treatments Centers of America, according to a news release.
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.
“The city of Goodyear has been a tremendous partner to work with and we are excited to be building a second Cabana property in the community,” said Patricia Watts, principal of Greenlight Communities. “Goodyear is an ideal location for the kind of high-quality yet attainable housing that is at the core of our mission at Greenlight Communities. We are looking forward to making this project a reality and providing more housing options for Goodyear individuals and families.”
Cabana Bullard is a joint venture between Greenlight and American Realty Advisors.
Greenlight is currently in the process of building more than 3,000 new Cabana units in the Phoenix metro area and beyond. The Goodyear projects are the sixth and seventh new-build Cabana projects to date, and will make use of Greenlight’s innovative approach and industry-changing designs to create communities with reasonable rent rates.
“We have been very pleased with the momentum we have seen for the Cabana properties across the Valley,” said Dan Richards, principal at Greenlight Communities. “There’s such a clear need for a product designed to be attainable for people who work in a broad spectrum of industries and are looking for a comfortable and welcoming living environment at a reasonable cost.”
Greenlight Communities is working to fill a critical need in the multifamily housing market, the release stated.
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 percent.
The vast majority of newly built multifamily projects are luxury-oriented with higher rents, making them unaffordable for middle-income renters.
The company’s business model eliminates many of the cost and time constraints other building projects and apartment communities around the country inevitably experience, and uses innovative design and economies of scale to create a quality living experience at attainable rental rates, the release stated.
Its first two completed new-build communities are currently leasing. Cabana on 12th, 4225 N. 12th St. in Phoenix, offers studio, one and two bedrooms with rents starting at $934 per month. Cabana on Washington, 5300 E. Washington St. in Phoenix, also offers studio, one and two bedrooms with rents starting at $999 per month.
In addition to Goodyear, Greenlight has projects under construction and in the development pipeline in Glendale, Mesa and Scottsdale.
During 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 also are welcome to visit the sites for in-person tours during business hours.
For more information, visit livegreenlight.com or call 480-609-6779.