Cavan Spins Off Phoenix BTR Community for $112.5M
Cavan Cos. has sold The Bungalows on Camelback, a 334-unit, build-to-rent asset in Phoenix, for $112.5 million. That comes out to about $337,000 a unit. A private individual acquired the property. This deal marked the biggest single-asset BTR sale in the metro’s history.
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.
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 Cos. debuted its BTR developments in 2016 through its Bungalow model. The company’s portfolio includes more than 100 projects and some 5,500 BTR units.
Mark Forrester, John Cunningham, Charles Steele, and Ric Holway, Andrew Curtis, Dan Cheyne, and Ryan Boyle of Berkadia Phoenix, led the transaction on behalf of Cavan Companies.
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout