4747 N. 99th Avenue
Phoenix, AZ 85037
Brand-New BTR near Westgate, Arizona’s Top Entertainment District
334
units
2024
year built
976
avg. sf
Executive Summary
Bungalows on Camelback offers investors the opportunity to acquire a brand-new, institutional-quality build-to-rent community, strategically designed to maximize revenues and returns. Developed by Cavan Companies, the property boasts an unmatched amenity set and unit mix not offered by BTR competitors in the submarket. It includes extensive community amenities such as a distinctive farmhouse-style clubhouse, resort-style pool and spa, state-of-the-art fitness center, numerous outdoor social areas, and an expansive greenbelt. The impressive units feature private yards, designer kitchens, and spacious walk-in closets.
Conveniently located just a 5-minute drive from Westgate Entertainment District, its prime position in Arizona’s top-performing entertainment district, combined with the strong demand for BTR and Phoenix’s robust economic growth potential, spearheaded by TSMC’s $165 billion mega facility, collectively support consistent, long-term rent growth and value appreciation. Bungalows on Camelback is available free and clear.
Property Overview
Strong Demand Drivers for BTR Investment
- High barriers to entry due to elevated interest rates and limited resales in the housing market create demand tailwinds for BTR, with Bungalow rents trailing +$600 below mortgage costs.
- BTR fundamentals are outperforming multifamily, showcasing higher rental submarket absorption and demand, with achieved rents 27% (+$340) higher than traditional multifamily communities in the submarket.
- Single-story rentals have shown they hold occupancy and rent growth even in softer markets—giving investors an added layer of stability.
- Located in a suburban neighborhood with walkability to Legacy Traditional School, a top-performing charter school in Arizona, drives exceptional family appeal.
Demand Drivers for Value Appreciation
A 5-minute drive to the vibrant Westgate Entertainment District offers unparalleled access to a dynamic mix of entertainment, dining, and shopping options, including major venues like State Farm Stadium, Desert Diamond Arena, and Tanger Outlets with discounted brand-name merchandise
The upcoming VAI Resort featuring 1,100 rooms and the adjacent Mattel Adventure Park significantly enhance Westgate’s growth, solidifying its status as a top entertainment destination in Arizona.
Immediate access to Loop 101 freeway offers excellent commutability to major employment hubs, including the Southwest Valley Industrial Corridor, Downtown Phoenix & Sky Harbor, capturing over 1 million jobs within a 30-minute commute.
Phoenix MSA is positioned for major economic development, fueled by a $165 billion TSMC-led boom, attracting investments from big tech, aerospace, bioscience, and sustainable technology sectors, adding layers of future resilience.
Designed for Best-in-Class Performance
1
Brand-new modern construction featuring unmatched amenities and finishes designed to capture premium rents and appeal to high-income renters by choice.
2
Built to institutional standards, positioned for long-term resident and investor appeal
3
Amenities are tailored to today’s renters, including a resort-style pool and spa, state-of-the-art fitness center, elegant clubhouse, outdoor social areas, lawn games, and multiple pet-care facilities.
4
The unit mix offers diverse floor plans that align with submarket demand: 34% 1B, 44% 2B, and 22% 3B units.
5
Interiors boast private yards, modern kitchens with energy-efficient appliances, large eco-friendly double-paned windows, full-size washers and dryers with dedicated laundry rooms in 2B and 3B units, expansive walk-in closets, and smart home technology.
6
Professionally managed with strong lease-up momentum and programs in place to keep residents long term.
7
Opportunities to increase additional income are optimized through rentable items and amenity fees.
8
Young and affluent resident demographics present rental upside: 62% of the community in the key renter age range of 18-34 and current residents qualifying at 3.75x the rent.
Photo Gallery
Location
Contact Us
Phoenix Office
2425 E. Camelback Road
Suite 960
Phoenix, AZ 85016
Investment Sales
Mark Forrester
Senior Managing Director
602.526.4800
[email protected]
AZ License #BR006620000
Andrew Curtis
Managing Director
602.571.4190
[email protected]
AZ License #SA676613000
John Cunningham
Senior Managing Director
602.625.7476
[email protected]
AZ License #BR034840000
Charles Steele
Senior Managing Director
602.319.5007
[email protected]
AZ License #SA645142000
Ric Holway
Senior Managing Director
602.828.0074
[email protected]
AZ License #SA045121000
Dan Cheyne
Managing Director
602.327.4447
[email protected]
AZ License #SA578551000
Mortgage Banking
Clay Akiwenzie
Managing Director
775.447.0595
[email protected]
Hank Workman
Associate Director
805.231.9492
[email protected]
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