Multifamily developer nears completion of 4,000 ‘missing middle’ housing units in Arizona
The interior of a unit in the Greenlight Encanto multifamily property. Source: GREENLIGHT COMMUNITIES
Greenlight Communities, which focuses on providing attainable workforce housing without subsidies for those earning about $30,000 to $70,000 a year, has built nearly 4,000 apartments in 10 projects in Arizona since 2018 and plans to complete six more by early 2024. Rents for this “missing middle” market range from $1,300 to $1,700 a month, and a new product called Streamliner will go for $1,110 to $1,500. Although investment in the luxury sector company is slowing, Greenlight continues to land funding because demand for this market segment has stayed strong.
Source: https://www.bizjournals.com/phoenix/news/2023/12/11/greenlight-communities-phoenix-tucson-attainable.html
