Berkadia Negotiates Build-to-Rent (BTR) Property Sale in Gilbert, Arizona
Gilbert, Arizona – June 25, 2025 – Berkadia, a distinguished leader in the commercial real estate sector, announced today the sale of The Bungalows at San Tan Village, a 159-unit, horizontal, Build-to-Rent (BTR) community located in Gilbert, Arizona. Senior Managing Directors Mark Forrester and Ric Holway, Managing Directors Andrew Curtis, and Dan Cheyne of Berkadia Phoenix led the transaction on behalf of the seller, Arizona-based Cavan Companies. The Bungalows at San Tan Village sold to Massachusetts-based AEW Capital Management on June 10. The property was 97% occupied at the time of the sale.
“Cavan Companies delivered an exceptional Build-to-Rent Community within a high-barrier to entry submarket of Gilbert, Arizona,” said Forrester.
Bungalows at San Tan Village’s convenient location along the Loop 202 Freeway provides unrivaled access to the diverse, high-wage employment throughout the East Valley. The area’s expanding labor market is one of the most powerful economic engines in the Southwest U.S., attracting high-quality employers and residents given the excellent schools, parks, and quality of life offered in Gilbert.
“AEW was attracted to this quality BTR asset due to its highly-amenitized location in a growing commercial corridor with difficult to replace low density. We increasingly recognize the role that BTR has to play in America’s housing landscape as a lifestyle choice, or path to home ownership, and we are pursuing additional opportunities to deploy capital into this property sector,” said Craig Mattison, Director within AEW’s L.A. acquisition team. “The acquisition of The Bungalows at San Tan Village meets a strategic objective for us to increase and diversify our housing exposure in well regarded communities and markets poised for outsized growth.”
“This transaction represents another testament to the strong demand of low-density cottage-style product from residents and investors alike,” said Curtis.
“The Bungalows at San Tan Village sets a high bar for our BTR portfolio, not just in performance, but in achieving one of the strongest per-unit sale prices in the market,” said Dave Cavan, Owner & Chairman of Cavan Companies. “It’s a clear signal of the demand for well-executed, low-density communities as we continue expanding into high-growth regions.”
Built in 2024, Bungalows at San Tan Village presents an attractive mix of one-bedroom, two-bedroom, and three-bedroom single-story, low-density, for-rent apartment homes in Gilbert’s high-growth Class A suburban sector of Metro Phoenix. All units feature thoughtfully designed floor plans with 10-foot ceilings, smart home systems, and private backyards with covered patios. The units are complemented by attractive community amenities, including a clubhouse with a fitness studio, expansive resort-style lap pool and spa, oversized private dog park, half-mile walking trail, and a playground.
Berkadia Single-Family Rental (SFR) and Build-to-Rent (BTR) have a national footprint and unrivaled local expertise that has become increasingly valuable as the demand for SFR and BTR properties grows. Berkadia takes a more coordinated approach to SFR/BTR properties, creating a specialty resource to better serve a diverse range of investors. With a presence in over 65 markets, and a combination of deep market expertise and cutting-edge technology, Berkadia is well-equipped to finance and sell SFR/BTR properties, delivering real-time insights and advisory services to clients.
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