Greenlight Communities Divests of 244-Unit Cabana Power Multifamily Property in Mesa, Arizona

by Amy Works

MESA, ARIZ. — Greenlight Communities has completed the sale of Cabana Power, an apartment property in Mesa. An undisclosed buyer acquired the asset for $84 million, or $344,262 per unit.

Completed in 2022, Cabana Power features 244 apartments with nine-foot ceilings, eight-foot entry doors with keyless entry, smart thermostats and heat-reflecting windows. Select floor plans offer built-in workstation desks and full-size, front-loading washers and dryers. The community features a leasing office and clubhouse, coworking space, two laundry rooms, a resort-style swimming pool, Zen gardens, a multipurpose event lawn and outdoor fitness circuits.

Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

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