By Angela Gonzales | Phoenix Business Journal
Greenlight Communities is investing $697 million to build 3,686 affordable apartment units in metro Phoenix and Tucson.
The Scottsdale-based developer has 14 communities in the Valley in various stages of development — that’s in addition to the five communities it already has built and sold.
Plans call for breaking ground in April on Cabana North Valley, a 159-unit community at 33455 N. Valley Parkway in Phoenix, and Cabana Aldea, a 257-unit community at 9910 W. Montebello in Glendale.
Two others, the 336-unit Cabana Bullard in Goodyear and the 250-unit Cabana Southern in Mesa are under construction.
Another 196-unit community called [Villa Cielo] Cortaro is under construction in Pima County, adding to Cabana Bridges, a 288-unit community that represents Greenlight’s debut into the Tucson market last year.
The company focuses on attainable workforce housing for workers who earn around $40,000 a year — educators, retail workers and some health technicians. Monthly rents average $1,500 for these Cabana communities.
In an effort to reduce monthly rents even more, Greenlight broke ground on its first Streamliner project, with rents starting at $1,100 per month.
None of these are government subsidized housing units, said Dan Richards, a partner with Greenlight Communities. Financing comes from private equity and traditional bank construction loans.
Streamliner 67th, a 292-unit community at 6755 W. McDowell Road in Phoenix, is the first Streamliner project to break ground. The second Streamliner community, called Streamliner Aldea, will break ground in April at 5920 N. 99th in Glendale for 282 units.
Of the 14 projects in development, Greenlight has closed on the land buys for 11 of them, while three others are in escrow in Phoenix and Peoria, Richards said.
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