Berkadia Negotiates $112.5M Build-to-Rent Community Sale in Phoenix, Arizona
Phoenix, Arizona – July 15, 2026 – Berkadia, a distinguished leader in the commercial real estate sector, announced today the sale of Bungalows on Camelback, a 334-unit, low-density, horizontal build-to-rent community in Phoenix, Arizona. Senior Managing Directors Mark Forrester, John Cunningham, Charles Steele, and Ric Holway, along with Managing Directors Andrew Curtis and Dan Cheyne, and Senior Director Ryan Boyle of Berkadia Phoenix, led the transaction on behalf of the seller, Scottsdale-based Cavan Companies.
Bungalows on Camelback sold for $112.5 million to a private California investor on June 30. The sales price reflects a per-unit price of $336,826.
“Bungalows on Camelback is a premiere build-to-rent community that offers a full amenity package in one of the fastest-growing areas of Metro Phoenix’s West Valley,” said Forrester.
“This transaction marks one of the largest single build-to-rent sales in Arizona, underscoring both the long-term strength of the asset and the premium that Cavan Companies’ Bungalows Communities brand commands in the market,” said Curtis.
“Camelback represents the kind of well-located, well-built horizontal rental housing we set out to develop, and Metro Phoenix’s West Valley continues to attract strong investor interest. We were glad to complete this sale with a buyer who saw the community’s long-term value,” said Norm Miller, Chief Executive Officer of Cavan Companies.
Completed in 2024, Bungalows on Camelback offers a compelling mix of one-, two-, and three-bedroom single-story rental homes. Each home is thoughtfully designed with premium interior features, including 10-foot ceilings, walk-in closets, and private backyards with turf, delivering a best-in-class living experience tailored to today’s discerning renter. The property’s common area includes amenities such as an expansive greenbelt, oversized clubhouse/fitness center, resort-style pool, covered parking, detached garages, and more.
Located at 4747 N. 99th Ave., the property is strategically positioned at the Loop 101/Camelback Road interchange, with convenient access to Loop 303 and Interstate 10. Bungalows on Camelback is adjacent to prominent Phoenix-area destinations including State Farm Stadium, home of the Arizona Cardinals; Westgate Entertainment District; the upcoming VAI Resort; and Desert Diamond Casino. With immediate access to major retail, dining, and entertainment amenities, the property offers residents a dynamic live-work-play environment.
Berkadia has both a national footprint and unrivaled local expertise in the growing Single-Family Rental (SFR) and Build-to-Rent (BTR) arena. Berkadia takes a 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.