At a glance
- Construction on Modera Old Town is scheduled to start in October and finish in mid-2029.
- Development cost and equity commitment were not disclosed, so the partners' basis in the project is not public.
- For allocators tracking Origin's Opportunity Zone series, Modera Old Town completes Fund III's deployment list.
Origin Investments and Mill Creek Residential plan a 190-unit apartment project in an Opportunity Zone in Old Town Scottsdale, Ariz., their second joint development, Connect CRE reported Oct. 26. Construction on Modera Old Town is scheduled to start in October and finish in mid-2029.
Development cost and equity commitment were not disclosed, so the partners' basis in the project is not public.
The investment is the final one from Origin's Opportunity Zone Fund III and the manager's 22nd Opportunity Zone development.
For allocators tracking Origin's Opportunity Zone series, Modera Old Town completes Fund III's deployment list.
The nearest comparable is Modera Higley Commons, a 276-unit community in Gilbert, Ariz., completed earlier this year and 87% leased; it is 86 units larger than Modera Old Town.
| Project | Units | Status |
|---|---|---|
| Modera Higley Commons, Gilbert, Ariz. | 276 | Completed this year, 87% leased |
| Modera Old Town, Scottsdale, Ariz. | 190 | Construction start in October, completion mid-2029 |
Reported by the Deals desk from Connect CRE. Published . Corrections