New $50 Million Cabana Bridges Project Includes 288 Multifamily Units in Master-Planned Development
TUCSON, ARIZONA -- A Scottsdale-based development firm with a Tucson-based partner bought 22.91 acres of land at the Bridges for $3.46 million ($3.46 PSF) to bring a popular new multifamily concept to the Tucson market for the first time. The seller was an affiliate of Bourn Properties of Tucson (Don Bourn, Manager).
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 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 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.