Cavan Cos. Sells Phoenix Bungalows on Camelback Build-to-Rent Community for Record $112.5 Million

PHOENIX, AZ (July 13, 2026) — Cavan Cos. has sold Bungalows on Camelback, a 334-unit build-to-rent community in Phoenix, for $112.5 million.

The transaction represents the highest-priced sale of a build-to-rent property in Arizona and ranks as the fourth-largest multifamily sale in the Valley so far in 2026.

Cavan completed the community in 2022 at 4747 N. 99th Ave. An entity tracing to Marlowe D. Moy acquired the property, according to Tempe-based real estate database Vizzda LLC.

The transaction closed on June 30.

Another major multifamily transaction also closed that day: the $124.5 million sale of Camden Gilbert, a 320-unit apartment community at 3150 E. Ray Road in Gilbert.

Built in 2021, Camden Gilbert was sold by an entity tracing to PGIM Real Estate to an entity tracing to Camden Living, according to Vizzda.

The sale ranks as the Valley’s third-largest multifamily transaction of 2026. It trails the $142.5 million sale of The Residences Kierland in June and the $125 million cash purchase of Cortland Biltmore by Arte Moreno in March.

Multifamily Investors Remain Cautious

Multifamily investment activity increased during the second quarter of 2026 compared with the first quarter, although transaction volume for the first half of the year remained below the year-earlier level.

Peter O’Neil, national director of research for Northmarq, said six multifamily properties sold for more than $100 million during the first half of 2026—the same number of nine-figure transactions recorded during the first half of 2025.

Recently completed communities are providing investors with additional acquisition opportunities. Approximately one-third of the multifamily properties sold during the first half of 2026 were built within the past five years, O’Neil said.

Although transaction activity increased from the first quarter, elevated interest rates, declining rents, and broader economic uncertainty continue to weigh on the investment market.

“In the first half of last year, there was a lot of uncertainty surrounding the potential impact of tariffs on construction costs, the pace of economic growth, inflation and interest rates,” O’Neil said. “This year, there are similar uncertainties surrounding inflation and interest rates, but the war in Iran and the corresponding rise in gas and fuel costs has been what has driven these concerns and complicated the outlook.”

The 21st Century ROAD to Housing Act also introduced another layer of uncertainty for the build-to-rent sector during the first half of the year.

“For the bulk of the investment market for traditional multifamily properties, the housing bill wasn’t really seen as an obstacle to doing deals,” O’Neil said. “It wasn’t a driver of activity either—mostly neutral for traditional multifamily.”

O’Neil said the primary challenges facing the multifamily investment market remain elevated borrowing costs and rents that are lower than they were one year ago.

Despite those pressures, multifamily investment activity appears to be gradually improving in Phoenix and nationally, although the pace of growth remains modest.