Cavan Companies announced the sale of The Bungalows at San Tan Village, a 159-unit Build-to-Rent (BTR) community in Gilbert to AEW Capital Management, with a sale price of $415,723 per unit.
The sale reflects growing institutional demand for purpose-built, low-density rental communities in high-growth markets. As the developer, Cavan Companies will leverage this momentum to accelerate the expansion of its Bungalows portfolio throughout the Southwest and Midwest.
“This milestone affirms our strategy of building for long-term value,” said Dave Cavan, Owner & Chairman of Cavan Companies. “The Bungalows at San Tan Village attracted strong resident demand and institutional-level interest, underscoring the staying power of this emerging asset class. As we grow, we remain focused on delivering quality, durable yield, and long-term alignment with our investment partners.”
Completed in 2024, the community was 97% occupied at the time of closing. It offers a mix of one, two, and three-bedroom single-story homes, each featuring private backyards, 10-foot ceilings, smart home systems, and modern finishes. Amenities include a resort-style lap pool and spa, fitness studio, oversized dog park, walking trail, playground, and clubhouse designed to support renter satisfaction and long-term retention.
READ MORE: Ben Graff explains how NIMBYism impacts Arizona development
Strategically located just off Loop 202, the community provides direct access to the East Valley’s employment hubs, award-winning schools, and strong quality of life dynamics that continue to draw both residents and institutional capital to the area.
“AEW was attracted to this quality BTR asset by Cavan Companies due to its highly-amenitized location in a growing commercial corridor with difficult to replace low density. We increasingly recognize the role that BTR plays 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 affirms market confidence in The Bungalows and demonstrates the value of Cavan’s vertically integrated BTR model anchored in disciplined development, operational consistency, and full-cycle performance.
