Holualoa Companies has acquired a significant share of a dynamic Scottsdale-based company that is building an innovative new type of multifamily residential product in the Valley.
Greenlight Communities is developing new rental apartment projects under the Cabana brand that provide an attainable rental solution for individuals and families while creating a welcoming community environment.
Greenlight Communities has over 2,300 units under development with communities in Mesa, Goodyear, Scottsdale, Phoenix, Chandler and other Valley communities. The Greenlight team is headed by Rob Lyles, Patricia Watts and Dan Richards, the team behind Deco Communities.
“We are excited about the opportunity to partner with Greenlight Communities and proud to be part of the solution to deliver modern, attainable housing in the Valley.” said Aroon Chinai, Chief Investment Officer for Holualoa Companies. “We believe very strongly in their product, people and culture and felt investing and partnering with Greenlight would be beneficial for both our companies and our community.”
Greenlight is currently completing Cabana on Washington in Phoenix, which consists of 226 units and Cabana on 12th with 252 units. Leasing for both communities will start in early 2020 with residents anticipated to move in beginning April 2020. Cabana on Hayden in Scottsdale is also underway and is scheduled to open in winter 2020.
The Greenlight team is actively working with the Holualoa team to identify additional potential sites for Cabana-branded properties throughout Arizona.
Using intensive research on renter preferences, modern design and technological advancements in construction and operations, Greenlight’s Cabana apartments will provide studio, one and two-bedroom units in well-located communities. The Cabana locations expect to offer monthly rents significantly less than the proliferation of luxury apartment projects that have been built throughout the Valley.
Patricia Watts, co-founder of Greenlight Communities, said that Holualoa’s involvement has been key in creating momentum for development of the new Cabana properties.
“We are very pleased to have the Holualoa Companies team involved with Greenlight Communities and appreciate their extensive experience in the industry and their long track record of financial success,” she said. “It is gratifying to see that our vision for creating exceptional, yet affordable residential communities is being met with such enthusiasm from investors, and we’re confident that enthusiasm will carry over to the marketplace as well.”
Greenlight’s communities are designed with individual buildings centered around large common courtyards, that feature either a pool, Zen gardens, outdoor fitness areas, and other amenities designed to encourage community interaction. “We believe this will be very attractive to our renters and distinguish our Cabana brand,” Chinai said.
Greenlight acts as general contractor for its communities so there is no middleman in the building process. This contributes to a more efficient building process where savings are passed down to the tenants. For more information about Greenlight, please visit www.livegreenlight.com.
Holualoa Companies has extensive experience with multifamily assets, having acquired or developed more than 6,700 units. The company also has office, retail, hospitality and industrial holdings.