A 334-unit build-to-rent community in west Phoenix has just sold for $112.5 million, setting a new high-water mark as the largest single-asset BTR sale ever recorded in Arizona. The cottage-style, single-story neighborhood, tucked near Loop 101 and the Glendale sports-and-entertainment corridor, shows that investors are still more than willing to pay up for newer rental communities in the Valley.
The deal and who bought it
According to CoStar News, California-based Golden Horizon Enterprises is the buyer behind the $112.5 million acquisition of the Bungalows on Camelback. Phoenix Business Journal first reported the sale and noted that the deal officially closed at the end of June.
Public records are a little less straightforward. Some databases list different buyers, including a Tempe-based data source that traces the purchase to entities tied to Marlowe D. Moy, a sign that the ownership may be structured through private holding companies, as noted by Orion.
About the property
Branded as Bungalows on Camelback, the community spans more than 29 acres at 4747 N. 99th Ave. and offers one- to three-bedroom homes. Residents get a clubhouse, a resort-style pool, a dog park and an on-site wash station, among other perks. Trade coverage and marketing materials describe a total of 334 units spread across dozens of single-story buildings, according to Multi-Housing News and the property listing on RentCafe.
Why investors are still buying build-to-rent in Phoenix
Market data firms and local outlets flagged this as the priciest single-asset build-to-rent trade in the state, a clear signal that capital is still chasing amenitized single-family rental communities in fast-growing corridors. Brokerage materials show that Berkadia handled the offering, and regional deal trackers rank the transaction among the biggest multifamily sales in the Valley so far in 2026, a sign that both institutional and private buyers remain active, according to BTR List and ConnectCRE.
What to watch next
The sale price pencils out to roughly $337,000 per unit, a number that nudges valuation benchmarks higher for new build-to-rent product in metro Phoenix and could make similar communities more attractive to both buyers and lenders. Cavan Cos., the developer and seller behind the Bungalows brand, has been an active player across the region, and industry watchers are keeping an eye on whether the new owner holds rents steady, repositions the property or looks for more Valley acquisitions, using the closing details and per-unit figures reported by Traded and the original report from CoStar News.
