Phoenix build-to-rent community sells for record price

Article originally posted on Phoenix Business Journal on July 6, 2026

Cavan Cos. has sold a Phoenix build-to-rent housing community for record price of $112.5 million.

The sale of the 334-unit Bungalows on Camelback rental community makes it the highest-priced sale of any BTR asset in Arizona, said Connor Devereux, senior director of market analytics for CoStar Group/Homes.com.

It also qualifies as the fourth-largest multifamily deal of 2026, Devereux said.

Cavan, which built the property in 2022, sold the community at 4747 N. 99th Ave., Phoenix, to entities tracing to Marlowe D Moy, according to Tempe-based Vizzda LLC real estate database.

That transaction closed on June 30.

Also closing on June 30 was the $124.5 million sale of Camden Gilbert, a 320-unit apartment community at 3150 E. Ray Road, Gilbert, according to Vizzda.

An entity tracing to PGIM Real Estate sold the asset to an entity tracing to Camden Living, according to Vizzda. That property was built in 2021.

Camden Gilbert represents the Valley’s third-largest mutlfamily sale of 2026, trailing Cortland Biltmore, which Arte Moreno purchased for $125 million in cash in March, and The Residences Kierland, which sold for $142.5 million in June.

Multifamily investors still unsettled by interest rates

During the first half of 2026, there were 5,762 units across 27 multifamily properties with at least 50 units that sold totaling $1.6 billion, according to CoStar data. That compares with 7,238 units across 32 properties totaling $1.9 billion that sold during the first half of 2025.

Of those transactions that closed during the first half of the year, six traded for more than $100 million in both 2025 and 2026, said Peter O’Neil, national director of research for Northmarq.

Recently delivered projects is creating inventory for investors to acquire, he said, with about one-third of the transactions that closed during the first half of 2026 being properties built in the past five years.

Activity in Q2 2026 was somewhat higher than the first quarter of 2026, but down from a year earlier, O’Neil said.

Find Complete Article Here: https://www.bizjournals.com/phoenix/news/2026/07/06/phoenix-built-to-rent-community-record-sale-price.html