Cavan Cos. has completed the sale of The Bungalows on Camelback, a 334-unit build-to-rent community in Phoenix, for $112.5 million. The transaction, which equates to roughly $337,000 per unit, involves a private individual as the buyer. According to the parties, the disposition represents the largest single-asset build-to-rent sale ever recorded in the Phoenix metro.
The Bungalows on Camelback is situated on more than 29 acres at 4747 N. 99th Ave. in Phoenix. The property is positioned less than a mile from Loop 101, providing residents with regional connectivity. Loop 101 links to Interstate 10 within approximately three miles, offering access to major employment and commercial corridors across the metro area.
Delivered in 2022, the community consists of one-, two- and three-bedroom homes ranging from 674 to 1,355 square feet. The build-to-rent layout is designed to provide a single-family living experience within a professionally managed rental environment. On-site amenities include a clubhouse, swimming pool and dedicated dog park, along with a pet washing station and other shared spaces aimed at supporting resident lifestyle and convenience.
The Bungalows on Camelback is part of Cavan Cos.’ broader BTR platform, which the company launched in 2016 under its Bungalow model. Since establishing this strategy, Cavan has amassed a portfolio of more than 100 projects totaling approximately 5,500 build-to-rent units. The firm has used this platform to expand beyond its Arizona base into additional markets.
In recent years, Cavan has pursued geographic diversification of its BTR portfolio. The company entered Omaha, Neb., in 2024 and followed with an expansion into Kansas City, Mo., in 2025. Cavan is also evaluating entry into Santa Fe, N.M., as it continues to scale its Bungalow model into new regions. These moves underscore an effort to replicate its Phoenix-area build-to-rent strategy in other select markets.
The sale of The Bungalows on Camelback provides a pricing data point for institutional-quality, single-asset build-to-rent communities in Phoenix. With a relatively new, amenitized product and a location near regional transportation links, the asset reflects investor interest in low-density, rental housing formats. The record-setting nature of the trade may serve as a benchmark for similar BTR dispositions in the metro going forward.
