A Build-to-Rent Solution
85
Total Projects
16K
Housing Units
$3.8B
Total Investment
This overview is for informational purposes only and is not an offer to sell or a solicitation to buy securities.
Who We Are
50+ Years of Real Estate Development
Leveraging five decades of unparalleled expertise in real estate, with a specialized focus on successful build-for-rent communities.
Pioneer in Single-Story, Build-to-Rent Product
We've set the standard for the single-story, build-to-rent sector, providing innovative housing solutions.
Fully Integrated Platform: Development to Asset Management
Our comprehensive platform seamlessly manages every stage from development and construction to leasing and ongoing asset management.
Leadership Invests Alongside Investors
Our leadership and employees directly co-invest, aligning our success with that of our private and family investors.
Track Record
100+
Commercial Projects
Across diverse real estate sectors
50MM+
Square Feet
Developed and constructed
95%
Average Occupancy
20+ BTR Projects
5000+
Bungalow Units
Developed and Managed
What We’re Building:
2025–2033
16K
New Homes
Targeted for completion by 2033, designed to meet the
growing housing demand.
85
Communities
Purpose-built single-family rental communities located in
high-growth markets across the Southwest and Midwest.
$3.8B
Capitalization
Total investment targeting $1.13 billion in equity and
$2.65 billion in construction debt.
Affordability Crisis Driving BTR Demand
  • Home prices +60% since 2019
  • Mortgage rates 7%+
  • 6 in 10 Americans priced out of ownership
  • Price-to-income ratio: 5.0 vs. 3.0 benchmark
  • 95%+ SFR occupancy nationwide
  • BTR rents 15–20% above traditional multifamily
“U.S. home sales have fallen to their lowest level in three decades… Between 2019 and 2024, home prices surged 60%, pushing the price-to-income ratio to 5.0, well above the affordability benchmark of 3.0.”
— Harvard Joint Center for Housing Studies, 2025
The Bungalows® are the bridge between today’s housing challenges and tomorrow’s solutions — offering space, privacy, and stability for renters while delivering consistent returns for investors.
Why Long-Term Renters Drive Stable Cash Flow
Longer Tenure = More Stable Returns
The rising renter demographic is reshaping neighborhoods and consumer priorities, creating a stable, expanding market for single-family rentals.
Americans who would traditionally be homeowners are instead renting. They're sparking new kinds of neighborhoods, changing savings patterns and even buying different light fixtures.
- Wall Street Journal, December 2023
This trend shows renters are increasingly seeking stability and community without the burden of homeownership costs and maintenance.
Millennials
Desire single-family lifestyle without a mortgage
Young Families
An ideal alternative to a starter home
65+ Population
Downsizing for comfort and community living
The Bungalows®:
Home Without the Hassle
The Bungalows®
  • 1*, -2, -3 Bedroom Detached Units
  • Premium Finishes
  • Separate Laundry Rooms
  • Ten Foot Ceilings
  • Private Backyards
  • Perfect For Pets
  • Resort Style Amenities
Traditional Apartments
  • Shared Walls
  • Lower-Grade Finishes
  • Laundry "Closets"
  • Low Ceilings
  • No yard of any type
  • Pain With Pets
  • Standard/Essential Amenities
*Not All 1 Bedrooms Detached
Higher Rents. Better Retention. Stronger Returns.
1st
First-Mover Advantage
First-mover advantage in supply-constrained markets drives
premium occupancy and sustained value creation.
15-20%
Higher Rents
Detached, private units command premium
rates, maximizing revenue per unit.
10%
Better Retention than Traditional Multi-Family
Our resident-centric model fosters longer leases and
higher renewal rates, ensuring consistent cash flow.
Expansion Markets

Our strategic growth plan targets key markets across the Midwest and Southwest regions.
1
2025 Launch
  • Omaha
  • Kansas City
  • Albuquerque
  • Santa Fe
2
2026+
  • Iowa
  • Minnesota
  • Missouri
  • Wisconsin
Average Project Metrics: $50M–$70M investment |
~7.1% yield-to-cost
“Our expansion isn’t speculative, it’s targeted. Each new market is selected for strong fundamentals, favorable demographics, and an undersupplied rental base, ensuring a resilient portfolio.”
Midwest Strategic Growth – Why Now

Our strategic expansion into the Midwest capitalizes on unique market conditions, promising robust growth and sustainable returns. This region offers a compelling combination of low competition, high demand, and favorable economics, positioning The Bungalows® for significant success.
Portfolio Diversification
Balances our portfolio's exposure to Sunbelt markets, effectively mitigating oversupply risks in regions like Phoenix.
Undersupplied Market
Midwest Build-to-Rent (BTR) vacancy rates are consistently below 5%, significantly lower than the national average of ~8%, indicating high demand.
Strong Demand Drivers
Key Midwest metropolitan areas are experiencing job growth above the national average, fueling a robust and expanding renter base.
First-Mover Advantage
Limited BTR competition in the region, with institutional entry just beginning, allows us to establish immediate market leadership.
Attractive Economics
Land acquisition costs in the Midwest are 30–50% lower than comparable Sunbelt markets, enhancing profitability and investment efficiency.
Cash Flow Stability
Staggered lease-ups within new communities ensure consistent tenant placement and smooth investor distributions, fostering reliable cash flow.
Positioned to capture outsized returns in a region primed for BTR growth.
Proprietary Strategic Site Selection Framework:
Our rigorous selection process identifies optimal markets for maximum returns.
Household Income Dynamics
Targeting affluent submarkets supporting premium rental rates.
Demographic Growth Patterns
Prioritizing metros with young families and active retirees.
Single-Family Rental Inventory
Focusing on markets with limited Build-to-Rent competition and proven demand.
Economic Resilience
Selecting areas with diverse, recession-resistant employment sectors.
Transportation Access
Ensuring connectivity to major commuter corridors and job centers.
Lifestyle Amenities
Positioning near retail, top schools, medical facilities, and cultural hubs.
Rental Market Strength
Targeting areas with low multifamily vacancy rates.
Rent Affordability Metrics
Identifying markets where Class A rents remain below 30% of median income.
Development-Friendly Environment
Partnering with municipalities offering streamlined approvals and pro-growth policies.
High-Performance Markets
Investing in top-ranked areas known for livability, job growth, and positive migration.
Case Study: Omaha, Nebraska
Omaha represents a prime investment opportunity with strong economic fundamentals, high livability rankings, and first-mover advantage for Cavan's Build-For-Rent strategy.
1
Top 40 Best Places to Live
With recession-resistant employment base.
2
#1 Fastest Growing Tech Hub
And #2 Best City for Renters.
3
First to Market
Cavan is first with Build-For-Rent in Omaha. No direct competition at entry.
4
Strong Absorption & Validated Pricing
Market studies confirm rapid unit absorption and premium price point validation.
If I had to live some other place, I'd be fine doing it, but I can't think of a better place to live than Omaha.
- Warren Buffett, "The Oracle of Omaha"
Our Proven, Integrated Build-to-Rent Cycle:
Sell
Maximize returns and recycle capital by selling fully leased projects.
Stabilize
Maintain strong Net Operating Income (NOI) via proven operations and active oversight.
Build
Efficient, replicable construction model with strict quality control and cost efficiency.
Lease
Achieve 90%+ occupancy within 12–18 months through data-driven marketing.
Platform Advantages:
  • Data-Driven Site Selection – Targets markets with strong demographics, job growth, and favorable rent-to-income ratios.
  • End-to-End Control – From land acquisition and entitlements to construction, infrastructure, and lease-up.
  • Regional Execution – On-the-ground teams ensure speed, market responsiveness, and quality.
  • Scalable Operations – Trusted third-party property management with flexibility to bring in-house.
Proven Leadership. Seamless Transition.
Dave Cavan:
Visionary Leadership
  • Dave Cavan — 50+ years of development experience
  • Unmatched network of capital partners & deal flow sources
  • Track record of delivering successful projects across market cycles
Seasoned Management:
The Path Forward
  • Succession plan in place with seasoned leadership team
  • Projects already under execution across multiple markets
  • Growth strategy continues without disruption
Revolutionizing Housing.
Unlocking Value.
Cavan Companies and The Bungalows® deliver a proven, replicable Build-to-Rent platform, capitalizing on sustained demand for quality
rental housing in high-growth markets.
Investor Highlights
  • Targeted Market Expansion — Active pipeline across high-growth Midwest & Southwest metros.
  • Proven Execution — 50+ years of real estate development with consistent on-time, on-budget delivery.
  • Data-Driven Approach — Proprietary site selection framework to optimize occupancy and returns.
  • Operational Control — Integrated oversight from land acquisition through stabilization.
Forward Outlook
Looking ahead, we are poised to leverage market tailwinds, expanding our unit count and geographic reach through 2033, all while maintaining our sharp focus on quality, retention, and Net Operating Income (NOI) performance.
This overview is for informational purposes only and is not an offer to sell or a solicitation to buy securities.