Cavan Companies sells The Bungalows at San Tan Village, a 159-unit Build-to-Rent community in Gilbert, AZ, to AEW Capital Management, reflecting surging institutional demand for high-quality BTR assets.

SCOTTSDALE, Ariz., June 23, 2025 – Cavan Companies announced the sale of The Bungalows at San Tan Village, a 159-unit Build-to-Rent (BTR) community in Gilbert, Arizona to AEW Capital Management.

The sale reflects growing institutional demand for purpose-built, low-density rental communities in high-growth markets. As the developer, Cavan Companies will leverage this momentum to accelerate the expansion of its Bungalows portfolio throughout the Southwest and Midwest.

“This milestone affirms our strategy of building for long-term value,” said Dave Cavan, Owner & Chairman of Cavan Companies. “The Bungalows at San Tan Village attracted strong resident demand and institutional-level interest, underscoring the staying power of this emerging asset class. As we grow, we remain focused on delivering quality, durable yield, and long-term alignment with our investment partners.”

Completed in 2024, the community was 97% occupied at the time of closing. It offers a mix of one, two, and three-bedroom single-story homes, each featuring private backyards, 10-foot ceilings, smart home systems, and modern finishes. Amenities include a resort-style lap pool and spa, fitness studio, oversized dog park, walking trail, playground, and clubhouse designed to support renter satisfaction and long-term retention.

Strategically located just off Loop 202, the community provides direct access to the East Valley’s employment hubs, award-winning schools, and strong quality of life dynamics that continue to draw both residents and institutional capital to the area.

“AEW was attracted to this quality BTR asset by Cavan Companies due to its highly-amenitized location in a growing commercial corridor with difficult to replace low density. We increasingly recognize the role that BTR plays in America’s housing landscape as a lifestyle choice, or path to home ownership, and we are pursuing additional opportunities to deploy capital into this property sector,” said Craig Mattison, Director within AEW’s L.A. acquisition team. “The acquisition of The Bungalows at San Tan Village meets a strategic objective for us to increase and diversify our housing exposure in well regarded communities and markets poised for outsized growth.”

This transaction affirms market confidence in The Bungalows® and demonstrates the value of Cavan’s vertically integrated BTR model anchored in disciplined development, operational consistency, and full-cycle performance.

About Cavan Companies:

Founded in 1974, Cavan Companies has been shaping the real estate landscape for over five decades through purposeful development and a deep commitment to community. The firm’s diverse portfolio spans land development, office parks, and master-planned communities, with a current focus on Build-to-Rent housing. Through its signature Build-to-Rent platform, The Bungalows®, Cavan has become a recognized leader in delivering thoughtfully designed, single-story rental neighborhoods built for long-term value. With a proven track record across high growth markets, Cavan continues to redefine rental living and drive durable performance for residents and investment partners alike.

About AEW:

For over 40 years, AEW Capital Management, L.P. (AEW) has provided real estate investment management services to investors worldwide. As one of the world’s largest real estate investment advisors¹, AEW and its affiliates manage $83.9 billion in private real estate equity, debt and listed securities across North America, Europe and Asia (as of March 31, 2025). Grounded in research and experienced in the complexities of the real estate and capital markets, AEW actively manages portfolios in both the public and private property markets and across the risk/return spectrum. AEW and its affiliates have offices in Boston, Los Angeles, Denver, London, Paris, Hong Kong, Seoul, Singapore, Sydney and Tokyo, as well as additional offices in eight European cities.

For more information, please visit www.aew.com.

¹Source: “2024 IREI.Q Real Estate Managers Guide”. The Guide, published annually by Institutional Real Estate, Inc., ranks real estate managers based on the gross value of real estate AUM ($m) as of December 31, 2023. As of March 31, 2025. AEW includes (i) AEW Capital Management, L.P. and its subsidiaries and (ii) affiliated company AEW Europe and its subsidiaries. AEW Europe and AEW Capital Management, L.P. are commonly owned by Natixis Investment Managers and operate independently from each other. Total AEW AUM of $83.9 billion includes $38.8 billion in assets managed by AEW Europe and its affiliates, $4.8 billion in regulatory assets under management of AEW Capital Management, L.P., and $40.3 billion in assets for which AEW Capital Management, L.P. and its affiliates provide (i) investment management services to a fund or other vehicle that is not primarily investing in securities (e.g., real estate), (ii) non-discretionary investment advisory services (e.g., model portfolios) or (iii) fund management services that do not include providing investment advice.