Cavan Cos. Closes Largest Single-Asset Phoenix BTR Sale
The property commanded $112.5 million.
Cavan Cos. has sold The Bungalows on Camelback, a 334-unit, build-to-rent asset in Phoenix, for $112.5 million, as first reported by Phoenix Business Journal. A private individual acquired the property.
This deal marked the biggest single-asset BTR sale in the metro’s history, according to Yardi Matrix data. The Bungalows on Camelback commanded a price almost 13 percent higher than Christopher Todd Communities at Estrella Commons, the previous title holder. Inland Real Estate Group paid $98.1 million for the 286-unit community in 2021.
Cavan’s former property also traded nearly 17 percent higher than the third-priciest Phoenix BTR asset, the data provider shows. JP Morgan Asset Management paid $95.8 million for the 212-unit Bella Encanta community last year.
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While this transaction holds the title for the largest single-asset BTR deal in Phoenix, it falls slightly short of TerraLane at Canyon Trails’ sale in 2022. That community in Goodyear, Ariz., commanded $119.7 million as part of a larger $185.9 million portfolio deal. Inland acquired the collection from RSI Holding.
Located on more than 29 acres at 4747 N. 99th Ave., The Bungalows on Camelback is less than 1 mile from Loop 101, which connects to Interstate 10 within roughly 3 miles. The community is also less than 4 miles from the Glendale Sports and Entertainment District and the State Farm Stadium, as well as several retail outlets.
Completed in 2022, the property features one- to three-bedroom homes ranging between 674 and 1,355 square feet. Community amenities include a clubhouse, swimming pool, dog park and washing station, among others.
Cavan’s latest BTR endeavours
Cavan Cos. debuted in 1974, amplifying BTR development in 2016 through its Bungalow model. The company’s portfolio includes more than 100 projects and some 5,500 BTR units. Outside of Arizona, Cavan expanded to Omaha, Neb., in 2024 and Kansas City, Mo., this year. The company also looks to enter Santa Fe, N.M.
Some of Cavan’s previous deals include the sale of The Bungalows at San Tan Village for $66.1 million. AEW Capital Management purchased the Gilbert, Ariz., asset in 2025. The year before that, the firm sold Onyx at Westgate, formerly Bungalows at Westgate, to Inland for $62 million. The property is in Glendale, Ariz.
