Greenlight Communities has sold Cabana Power, a newly constructed, 244-unit attainable community in Mesa, Ariz., for $84 million, or $344,262 per unit. Institutional Property Advisors represented the seller and procured the buyer.
Located at 6151 S. Power Road, the property is along the border between Mesa and Gilbert, and it is the only purpose-built attainable housing community in the area, serving middle-class households, according to prepared remarks from IPA’s Executive Managing Director Steve Gebing. “Within a 3-mile radius of the property, the rent-to-income ratio is 14%, and the rent-versus-own affordability gap is 57%,” Gebing noted.
The property, opened earlier this year, is positioned near several employment hubs, including the Gateway Employment Area and Mesa’s emerging Elliot Road Technology Corridor. Thanks to its proximity to Loop 202, the Chandler Airpark Area, Price Corridor, and the Fiesta District are also accessible. Major employers include Arizona State University, TRW Vehicle Safety Systems, and Able Engineering Component Services.
Phoenix Economy Outpaces National Growth
Thanks to Arizona’s positive demographic trends and diversifying economy, bolstered by a low tax environment, Phoenix has been bustling with activity in the last couple of years. Arizona is one of the few states that had fully recovered the jobs lost during the pandemic.
Greater Phoenix gained nearly 83,000 jobs in the 12 months ending in April, up 3.8 percent, according to the Bureau of Labor Statistics. Trade, transportation, and utilities led the way with almost 26,000 positions added sectorwide, followed by leisure and hospitality with 22,000 jobs gained over the year. The state’s unemployment rate stood at 3.2% in April, well below the 5.7% national rate.