Cavan Cos. Expands to Cornhusker State With 2 BTR Projects

Cavan Cos. will develop two single-family rental communities in Greater Omaha, Neb., marking its debut in the metro, as well as the state of Nebraska. Dubbed The Bungalows on Honeysuckle and The Bungalows at Whitehawk Lake, the two projects will comprise 466 single-story homes.

To develop the two properties, Cavan requested rezoning from agricultural use to low-density multiple-family residential district. The city approved the Honeysuckle rezoning last year and the Whitehawk Lake one in 2024. Lamp Rynearson provided environmental engineering services.

The Bungalows on Honeysuckle will rise on a roughly 24-acre site that Cushman & Wakefield and Lund Co. marketed for sale at $1.8 million in 2017, while The Bungalows at Whitehawk Lake will take shape on a 21-acre site.

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The first community is set to include 263 one- to three-bedroom units, as well as 508 parking spaces, while the second will comprise 210 one- to three-bedroom units and 410 parking spaces. The Bungalows-branded properties feature 10-foot ceilings, no stairs or steps, walk-in closets and private, fenced backyards with artificial turf.

The Bungalows on Honeysuckle’s site is located at 1999 Veterans Drive in Elkhorn, Neb., roughly 16 miles west of downtown Omaha, while Whitehawk Lake will take shape at 4205 S. 204th St. in Omaha, some 5 miles south of Honeysuckle’s site. Both locations are near lakes and parks.

Cavan Cos.’s BTR footprint in Arizona

Cavan Cos. has delivered north of 45 million square feet across upward of 100 projects throughout its existence of more than 50 years. The firm’s single-family rental footprint numbers more than 5,000 units in Arizona.

Just last year, Cavan completed The Bungalows at Westgate, a 190-unit build-to-rent community in Glendale, Ariz. In early 2024, the firm sold the asset for $62 million to Inland Real Estate Group in an all-cash deal.

Greater Omaha’s SFR pipeline picks up steam

A recent Yardi Matrix report showcased that renting single-family residences is cheaper than paying a mortgage in nearly half of the top tracked markets. As demand ramps up, driven by Millennials and blue-collar workers, a surge of build-to-rent development hit several markets, with Phoenix leading the way.  

The same report forecasted that 35,170 build-to-rent units will be delivered nationally this year, accounting for 6.4 percent of total multifamily deliveries. However, this spike in new supply is slated to dwindle, as 24,509 units are forecasted for delivery next year.

As of August, metro Omaha’s single-family rental supply pipeline consisted of more than 180 units across two under-construction communities, Yardi Matrix shows. What’s more, the metro had another 514 units in the planning stages in June.