Bungalows on Ash community sold for $63 million

The Carolyn Artis Trust, an entity tracing to Norton S. Karno, acquired the Bungalows on Ash, a build-to-rent community, on Dec. 27 for $63.28 million from an entity tracing to Cavan Companies, according to commercial real-estate site vizzda.com. 

The purchase was done with $28.28 million down and $35 million in new debt with a related buyer entity. The loan has a maturity date of March 5, 2026. 

The property at 1381 N. Gilbert Road, Gilbert, is a 165-unit build-to-rent community with single-story detached units built in 2023 on 14.85 acres zoned multifamily/large by the town of Gilbert. It has one clubhouse/leasing office with outdoor amenities, swimming pool and dog park. 

The property has 337 parking spaces (8 ADA, 132 covered, 42 garage) for a ratio of 2.04 per unit. The unit mix is 40 one-bedroom unites, 83 two bedrooms and 42 three bedrooms.