New $50 Million Cabana Bridges Project Includes 288 Multifamily Units in Master-Planned Development
A Scottsdale-based development firm with Tucson-based partners is bringing a popular new multifamily concept to the Tucson market for the first time.
Scottsdale-based Greenlight Communities, together with partner Holualoa Companies, will build a new 288-unit development called Cabana Bridges as part of the 350-acre Bridges mixed use development near I-10 and Park Avenue. Greenlight purchased the property in early October for $3.4 million and plans to start construction in the upcoming weeks.
Cabana Bridges has an estimated construction cost of $50 million and is estimated to welcome its first residents in January 2023. The project is in the middle of a significant development of nearby attractions, including office, retail, the University of Arizona (UA Tech Park at The Bridges), hotels, restaurants and other features being built within a one-mile radius.
The Cabana brand has become well known for providing 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 several benefits for the local community and economy.
Greenlight has worked in the Tucson market previously, including developing multifamily residential as part of the Starpointe project. Greenlight and Holualoa are looking for addition sites in metro-Tucson to develop attainable housing communities.
“We are excited to bring the many benefits of the Cabana approach to multifamily development to the residents of Tucson,” said Patricia Watts, principal of Greenlight Communities. “The Tucson market needs attainable housing options for individuals and families who want to enjoy a quality living experience at reasonable rental rates. This is an ideal location to enter the Tucson market and we’re looking forward to the positive impact this project will have on the community.”
Greenlight is currently in the process of building more than 3,000 new Cabana units in Arizona. Cabana Bridges is the 10th new-build Cabana project and will make use of Greenlight’s innovative approach and industry-changing designs to create communities with reasonable rental rates.
Greenlight Communities is working to fill a critical need in the multifamily housing market. The vast majority of newly built multifamily projects are luxury-oriented with higher rents, making them unaffordable for middle-income renters.
“We are pleased to be building the latest Cabana community in the heart of such a dynamic project in Tucson,” said Rob Lyes, principal at Greenlight Communities. “This is an ideal place for the Cabana brand and will provide housing for hundreds of individuals and families in a great location with all the comforts and conveniences our Cabana communities provide.”
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.
For more information on Greenlight Communities’ Cabana apartments visit www.livegreenlight.com or call (480) 609-6779.
About Greenlight Communities
Greenlight Communities believes that everyone deserves to live in a home they can afford in a community that they love. By disrupting the traditional apartment model, Greenlight is able to develop attainable rental housing that meets that needs of today’s budget-conscious renter. Combining modern design with technological advancements in construction and operations, Greenlight’s Cabana apartment brand will provide studio, one and two-bedroom units in well-located communities throughout Arizona. More than 3,500 units are currently under construction or in planning and development.
About Holualoa Companies
Holualoa Companies is a real estate investment firm focused on the successful acquisition and repositioning of real estate assets. Holualoa also acquires core assets in superior locations and participates in select development opportunities. Holualoa actively seeks opportunities that improve neighborhoods, create jobs, and enhance communities. Headquartered in Tucson, Arizona, with offices in Phoenix, Santa Monica, Hawaii and Paris, France, its investments include office, retail, industrial, multifamily, self-storage and hotel properties. For more information visit www.holualoa.com.