We present a new model for bubbly cavitating flows. Based on volume-averaged equations, a subgrid model is added to account for a bubble, or multiple bubbles, within each computational cell. The model converges to the solution of ensemble-averaged bubbly flow equations for weak oscillations and monodisperse systems. In the other extreme, it also converges to the theoretical solution for a single oscillating bubble, and captures the bubble radius evolution and the pressure disturbance induced in the liquid. A substantial saving of computational time is achieved compared to ensemble-averaged models for polydisperse mixtures.