Scottsdale-based company poised to build 1,030 build-to-rent homes

High interest rates and a housing shortage has driven more people to renting and Ed Gorman, founder of Scottsdale-based Modus Cos., a developer of zero-energy home communities, has predicted a severe shortage in the next two to three years when current multifamily projects under construction are absorbed.

Because of that, Modus Cos., has begun to fill this void and is bringing 1,030 net-zero energy build-to-rent units to the Arizona market in the coming year, according to a press release.

“We saw this shift coming a mile away and given that our buildouts cost no more than (non-net-zero energy) competitors yet offer so much more value and cost-savings to the renter,” Gormansaid in the release “For example, utility bills are 50% to70% less. We knew Modus could make a difference.”

As one of the top acquirers of multi-family land in the state, with currently half a billion dollars invested in current projects alone, Modus is poised to make quite the mark in the build to rent space in the months ahead. Upcoming projects throughout the state include:

• Scottsdale, (100 units) - With a prime location minutes from Old Town Scottsdale, Arcadia and the Biltmore, this community will feature 100 luxurious single-level units with one-, two- and three-bedroom floor plans each with private backyards, built with Zero Energy Ready Home standards and advanced home automation. The clubhouse will feature a gym, co-working spaces and 360 views of the surrounding communities and Camelback Mountain.
• Promenade Village in Casa Grande (two phases totaling 426 units) - This 41-acre property adjacent to the Promenade at Casa Grande Shopping Center will be completed in two phases; 206 units on 19 acres and 230 units on 22 acres. Both of which will include one-, two- and three-bedroom floor plans with private backyards all designed with Zero Energy Ready Home standards, rooftop solar and other energy-saving features.
• Buckeye Village Centre in Buckeye (78 units) - Modus Cos. will be building a 78-unit community of rental homes across eight acres of land that is among the city’s downtown redevelopment. The one- and two-bedroom floor plans with private backyards will all be built with Zero Energy Ready Home standards, rooftop solar, numerous energy-saving features and electric vehicle charging stations.
• Sundance Village in Buckeye (154 units) - This master-planned community in Buckeye, Arizona will feature 154 rental homes that include one-, two- and three-bedroom floor plans, each with private back yards, some with direct-access garages, a recreational trail, dog park, pool and spa, gym and pickleball court. All homes will be built with ZERH standards, rooftop solar and other energy-saving features.
• Sundance Station Apartments in Buckeye, Arizona (272 units) - Sundance Station will be the first new apartment project in the city of Buckeye in the past 20 years that will provide entry-level housing to the rapidly growing market. The 272 Class A apartment units will include three- and four-story buildings with elevators that lead to one-, two- and three-bedroom apartments, each designed with Zero Energy Ready Home standards, and premium amenities (including a pool, spa, lounge and fitness center).

“Our decades of experience have really allowed us to hone in on a methodology that works for both the investor and the renter,” Gorman said in the release. “We can now scale (zero energy ready home) projects at up to 220 units per community, with that number expected to grow in the coming years.”