Key Facts
- Buyer: AEW Capital Management (Boston-based institutional investor)
- Seller: Cavan Companies (original developer, project completed in 2024)
- Sale Price: $66,100,000
- Units: 159 single-story detached BTR homes
- Price per unit: ~$415,700
- Occupancy at sale: ~97%
- Location: 2120 E Ray Rd, Gilbert — minutes from SanTan Village Mall & Loop 202
- Amenities: Private yards, smart-home features, pool, spa, fitness center, clubhouse, gated access
- Product Type: Standalone, single-story “horizontal apartments” — one of the hottest real estate asset classes in the Phoenix metro
Why It Matters for Investors
- Demand for build-to-rent (BTR) in high-growth suburbs like Gilbert continues to climb.
- BTR communities are hitting institutional pricing and low cap rates thanks to high occupancy, premium rents, and tenant preference for privacy.
- Rising homeownership costs push more residents toward higher-end rentals that feel like SFR living.
- East Valley remains one of the strongest rental corridors in the country — and institutional capital is clearly paying attention.