The Bungalows at SanTan Village Sell for $66.1 Million

The Bungalows at SanTan Village, a premium build-to-rent community located at 2120 E Ray Rd, has officially sold for a staggering $66.1 million.

The buyer? AEW Capital Management, a well-known institutional investor based out of Boston. The seller was the project’s original developer, Cavan Companies, who completed the community in 2024.

📊 Deal Details:

• Sale Price: $66,100,000

• Total Units: 159 single-story detached rental homes

• Price Per Unit: ~$415,700

• Occupancy at Sale: ~97%

🏘️ What Makes The Bungalows Unique?

The Bungalows at SanTan Village offers something rare in the rental space: standalone, single-story homes with private yards, giving renters the feel of homeownership without the long-term commitment. Residents enjoy upscale finishes, smart home features, and access to resort-style amenities including a pool, spa, fitness center, and clubhouse—all within a gated community just minutes from SanTan Village Mall and the Loop 202.

🌟 Why It Matters

This sale highlights the growing demand for “horizontal apartments” or build-to-rent communities, especially in high-growth markets like Gilbert. As homeownership becomes increasingly expensive, more residents are turning to high-end rentals that still offer privacy, space, and a suburban feel