Berkadia Completes Over $125M in Combined Sales for Two Build-To-Rent Properties in Arizona
PHOENIX, Arizona — February 15, 2024 — Berkadia announced today the combined sales of Bungalows on Ash and Bungalows at Westgate, two premiere new build-to-rent properties located in Metro Phoenix, Arizona. Senior Managing Director Mark Forrester and Director Andrew Curtis of Berkadia Phoenix, along with support from both the entire Berkadia Phoenix team and Berkadia’s national Single-Family-Rental and Build-to-Rent (SFR/BTR) platform, completed the $125.275 million in combined sales on behalf of the seller, Arizona-based Cavan Companies.
Bungalows on Ash, a 165-unit community featuring one-, two-, and three-bedroom floorplans is situated just north of Gilbert’s Heritage District and fronting both Gilbert Road and a municipal park. The $63.275 million sale closed escrow on December 27, 2023.
Bungalows at Westgate, with similar amenities and floor plans to Bungalows on Ash, the Bungalows at Westgate is situated just north of the Westgate Entertainment complex near the Loop 101 Freeway in Glendale, Arizona. The $62 million sale closed on January 17, 2024.
Both communities completed construction in 2023 and offer a spacious clubhouse and fitness center, a resort style pool and spa, outdoor fireplaces, firepits, barbecues, and ramadas, a dog park, an outdoor game area, and manicured landscaping. Both low density site plans include detached and attached single-story homes, covered, open, or detached garage parking, and access gates. Each home interior includes smart home technology, quartz countertops, a full complement of appliances including a full-size washer and dryer, private turf backyards, and 10-foot interior ceilings with oversized windows.
Inland Group Buys Phoenix SFR for $62M in All-Cash Deal | Multi-Housing News