PAPILLION, NE – Cavan Companies has closed on land for The Bungalows at Prairie Hills, a plotted 154-home single-tale Build-to-Rent (BTR) community in Papillion, Nebraska. The project represents the company’s third development in the Omaha metropolitan area, expanding Cavan’s Midwest platform in a market where demand for single-family rental housing continues to outpace supply.
Horizontal construction is expected to start in May 2026 on approximately 16 acres at the southwest corner of Highway 370 and South 114th Street, a corridor providing direct access to Interstate 80, Offutt Air Force Base, and major employment centers throughout the Omaha metro. The site is also located near Shadow Lake Towne Center, placing the community within an established residential and commercial node.
When complete, The Bungalows at Prairie Hills will feature 154 detached rental homes with one-, two-, and three-bedroom floorplans ranging from approximately 683 to 1,389 square feet. The community will include 104 detached garages, a clubhouse, fitness center, and shared amenities designed to provide residents with the space and privacy of a detached home while maintaining the flexibility of rental living.
The Prairie Hills development follows two Cavan communities in Omaha that are now entering lease-up. Phase 1 homes at The Bungalows at Whitehawk Lake in West Omaha will start leasing and go-ins on April 1, 2026, followed by Phase 1 homes at The Bungalows on Honeysuckle in Elkhorn on April 15, 2026.
Together, the three communities represent one of the largest single-developer Build-to-Rent platforms currently underway in the Omaha metropolitan area.
“We’re seeing strong demand for housing that sits between traditional apartments and homeownership,” said Norm Miller, Chief Executive Officer of Cavan Companies. “Markets like Omaha are ideal for single-tale Build-to-Rent communities because residents want the space and privacy of a home without the barriers of ownership.”
The Omaha metropolitan area has surpassed one million residents, supported by employment anchors including Berkshire Hathaway, Union Pacific, Mutual of Omaha, CHI Health, Nebraska Medicine, and Offutt Air Force Base. Sarpy County has emerged as one of the region’s fastest-growing areas, driven by infrastructure investment, strong schools, and continued suburban household formation.
As housing costs rise nationally, more households are seeking options that provide the space and privacy of a home without the financial commitment of ownership.
“Build-to-Rent communities help address that gap,” Miller said. “They offer the lifestyle of a detached home while maintaining the flexibility of renting.”
Cavan Companies have more than 50 years of real estate development experience and has focused on the Build-to-Rent sector since 2016 through The Bungalows delivering single-tale rental communities designed around private yards, neighborhood-style layouts, and modern amenities.

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DENVER, CO – Century Communities (NYSE: CCS), a top national homebuilder, industry leader in online home sales, and featured on America’s Most Trustworthy Companies and World’s Most Trustworthy Companies by Newsweek, announced that Century Living, the Company’s multi-family arm, bought a shovel-ready development site at 33rd Avenue and Mariposa Street in Denver’s sought-after LoHi neighborhood from development firm Elevation Development Group.
Going forward, Century Living will serve as the developer and general contractor on the project—named The Stevie—with groundbreaking this week and units expected to deliver for leasing in 2028.
Elevation started the permitting process for the luxury apartment community in 2021, which enabled the deal with Century Living to come complete with land, architectural and engineering plans, and all entitlements and permits.
“This is a unique opportunity to deliver brand-new, high-quality housing to one of Denver’s most valued neighborhoods,” said Jim Francescon, an executive at Century Communities. “With premium amenities and luxury units, The Stevie will provide an elevated quality of living with immediate access to everything LoHi and surrounding neighborhoods have to offer.”
Additional Project Details: Five-tale building; 116-unit, luxury boutique apartment community (including select loft units); Amenities will include a pool, sun deck, fitness center, and resident lounges; First-level garage plus underground parking; Walking distance to notable restaurants, shops, and parks; and Quick access to I-25 and Union Station.
Century Communities is one of the nation’s largest homebuilders and a recognized industry leader in online home sales. Century is engaged in all aspects of homebuilding — including the acquisition, entitlement and development of land, along with the construction, innovative marketing and sale of quality homes designed to appeal to a wide range of homebuyers. The Company operates in 16 states and over 45 markets across the U.S.

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PHOENIX, AZ – TerraCap Management LLC, a privately held investment firm with its headquarters in Naples, FL, announced today the acquisition of Tresa at Arrowhead Apartments, a 1998-built, 360-unit apartment complex located in the Arrowhead Ranch submarket of Phoenix, AZ.
“Tresa’s buy profile is consistent with our deep value strategy going forward. We are excited about continuing to position our investors with assets that have defensive buy prices, especially in growth markets in Arizona near areas with plenty of amenities and opportunities for higher wage tech jobs,” said Steve Hagenbuckle, TerraCap’s Founder and Managing Partner.
Tresa at Arrowhead features one, two, and three-bedroom units with various levels of unit interior renovations, leaving room for further upgrades to enhance the tenants’ living experiences. Amenities at the property include swimming pools, grilling stations, a game room, gated parking, a dog park, a fitness center, and a dry sauna.
Tresa at Arrowhead boasts a low-density environment in a highly infill neighborhood, as the property is centrally located in Phoenix’s Arrowhead Ranch submarket and sits on 19 acres with lakeside walking trails. The property is adjacent to the Loop 101 freeway with convenient access to the new TSMC semiconductor plant, higher-wage employment in North Scottsdale and the Westgate Entertainment District.
“This acquisition aligns with our strategy of investing in well-located multifamily assets at a meaningful discount to today’s replacement cost. At Tresa at Arrowhead, value creation is driven by proven renovation premiums at the property and across the surrounding competitive set. The asset’s scale and supply-constrained location provide additional downside protection, and we believe these factors should drive attractive risk-adjusted returns over the hold period,” added Baron Davis, TerraCap’s National Director of Acquisitions.

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