A new build-to-rent project is set to go up in a part of the country that is leading the build-to-rent industry.
Modus Development wants to build 94 luxury rental units at 6200 E. Oak Street in Scottsdale. The project will feature fitness rooms, a swimming pool, a spa, and a dog park, among other amenities.
Also included: a wellness room, fire pits, and both indoor and outdoor kitchens, and a 6,000 square foot clubhouse.
Modus, which is based in Scottsdale, has said that the project will likely cost around $60.2 million to complete. If all goes according to schedule, what is being called the Papago Village will be completed by the late spring of 2027.
A report issued earlier this year by the Santa Barbara, California-based Point2Homes characterized southern Arizona as one of the hottest markets for build-to-rent projects in the country, with just Phoenix alone seeing the construction of 4,460 units last year.
Other Build-to-rent hot markets: Atlanta, Dallas, and Houston. The movement appears to be animated by several factors, including simple economics. According to USA Today, “While more people are renters by choice, higher interest rates are also pushing many to rent instead of buy.”
