Scottsdale build-to-rent firm offloads community for $113M amid glut of rentals in Phoenix

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A private California investor just spent upwards of $110 million to acquire a build-to-rent community in Phoenix. Scottsdale-based Cavan Companies sold Bungalows on Camelback, a 334-unit low-density residential community, to entities affiliated with Newport Beach-based Marlowe Moy of Golden Horizon Enterprises for $112.5 million, or $336,826 per unit, AZ Big Media and the Phoenix Business Journal reported. Berkadia Phoenix’s Mark Forrester, John Cunningham, Charles Steele, Ric Holway, Andrew Curtis, Dan Cheyne and Ryan Boyle handled the transaction on behalf of the seller. The property, at 4747 North 99th Avenue, is near Westgate Entertainment District, Desert Diamond Casino and the forthcoming [...] This article originally appeared on The Real Deal. Click here to read the full story.