Cavan Cos. sold The Bungalows at San Tan Village, a 159-unit build-to-rent (BTR) community in Gilbert for $66.1 million, according to Commercial Edge. AEW Capital Management was the buyer. The asset traded for $415,723 per home. AEW said the investment’s cap rate was 4.9 percent. Located on nearly 15 acres at 2120 E. Ray Road, the community is 29 miles southeast of downtown Phoenix. Mark Forrester, Ric Holway, Andrew Curtis, and Dan Cheyne of Berkadia Phoenix led the transaction on behalf of the seller Covan. 

Completed in 2024, The Bungalows at San Tan Village comprises one- to three-bedroom single-story houses ranging from 676 to 1,355 square feet. The property was 97 percent occupied at closing.

Units feature backyards, while the community amenities include a gym, swimming pool and clubhouse, among others.

A Yardi Matrix report indicated BTR assets are getting top dollar in Phoenix. J.P. Morgan Asset Management paid $99.8 million for Bella Encanta, a 212-unit BTR property in Mesa. Bela Flor Development sold that property for $451.650 per unit, nearly doubling the average price of $263,236 recorded during the same period last year.