A private California investor just spent upwards of $110 million to acquire a build-to-rent community in Phoenix.
Scottsdale-based Cavan Companies sold Bungalows on Camelback, a 334-unit low-density residential community, to entities affiliated with Newport Beach-based Marlowe Moy of Golden Horizon Enterprises for $112.5 million, or $336,826 per unit, AZ Big Media and the Phoenix Business Journal reported.
Berkadia Phoenix’s Mark Forrester, John Cunningham, Charles Steele, Ric Holway, Andrew Curtis, Dan Cheyne and Ryan Boyle handled the transaction on behalf of the seller.
The property, at 4747 North 99th Avenue, is near Westgate Entertainment District, Desert Diamond Casino and the forthcoming VAI Resort. The transaction represents “one of the largest single build-to-rent sales in Arizona,” Curtis said.
The property, which was developed by Berkadia and completed in 2024, consists of single-story rental homes in one-, two- and three-bedroom floor plans. Each home has a private backyard, and residents have access to amenities including a fitness center.
The Phoenix area has some of the best submarkets for renters in the country.
Earlier this month, Scottsdale was named the best rental market in the country, followed by Gilbert, Chandler and Peoria, according to WalletHub. Factors contributing to the friendly renter environment include legal protections for tenants, traffic, job market, recreation, weather and public schools. The Phoenix area came out on top with regard to quality of life and affordability compared to buying a home.
With so many options for renters, landlords are offering incentives. The Phoenix area leads the country in rent concessions with landlords attempting to lure in tenants with free months of rent, according to Apartment List.
Golden Horizon Enterprises bought a 194-unit BTR complex at 2121 North Grace Boulevard in Chandler from Berkadia in November for $69 million, or $355,700 per unit.
— Chris Malone Méndez
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