BTR Daily - July 9, 2026 - Cavan Companies sells $112.5M BTR

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NEWS ROUNDUP

DISPOSITION: Cavan sells Arizona BTR for record $112.5 million. Cavan Cos. has sold Bungalows on Camelback, a 334-unit BTR community in Phoenix, for $112.5 million, marking the highest-priced BTR transaction in Arizona history, according to Connor Devereux, Senior Director of Market Analytics at CoStar Group. The community, developed by Cavan in 2022 was acquired by an entity affiliated with Marlowe D. Moy. Peter O'Neil, National Director of Research at Northmarq, noted that recently completed multifamily properties continue to attract investor interest despite elevated interest rates and broader economic uncertainty.

DEVELOPMENT: Red Cedar advances 79-home BTR in North Carolina. Red Cedar Construction Services is developing a 79-home BTR townhome community in the University Area of Charlotte, North Carolina, with Phase One now leasing and Phase Two set to begin soon. Serving as the project's general contractor, Red Cedar is delivering 13 buildings featuring two three-bedroom floor plans, each with a private one-car garage, proprietary SPC flooring, and hardwood cabinetry. Steve Stawick of Red Cedar Construction Services said the project is designed to meet growing demand for high-quality rental housing in the University Area.

DEVELOPMENT: BrightSky Residential begins leasing 201-home BTR. BrightSky Residential has launched leasing at Oaks at Wendell, a 201-home BTR townhome community in Wendell, North Carolina, with first move-ins scheduled for August 2026. Hamilton Stolpen, President of BrightSky’s Southeast Division, said the community provides renters with the space and privacy of a single-family home while offering professionally managed living at a cost that can be up to 20% lower than homeownership.

DEVELOPMENT: Mandrake Capital completes amenity center at 280-unit Jacksonville community. Mandrake Capital Partners has completed the amenity center at Casa Solara Townhomes, enhancing the resident experience at its 280-unit BTR community in Jacksonville, Florida. The new amenity center features a spacious resident clubhouse with a pool table and gathering areas, a resort-style swimming pool, outdoor grilling stations, a fire pit, a fully equipped fitness center, and a community work room designed for remote work and collaboration. These amenities complement Casa Solara's modern two- and three-bedroom townhomes, providing residents with spaces to relax, connect, and stay active. "The completion of the amenity center is an important milestone for Casa Solara and reflects our continued investment in creating communities that offer an exceptional living experience," said Joseph O'Connor, Managing Partner of Mandrake Capital Partners. "These amenities provide residents with spaces to build community while supporting their everyday lifestyle.

READ: 10 best places for BTR construction in the US.

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BTR FOR SALE

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108 Units | To Be Built in 2027 | Luxury BTR Community

42 Units | Scattered SFR Portfolio

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