High interest rates and a housing shortage has driven more people to renting and Ed Gorman, Founder of MODUS Companies – the country’s leading developer of Zero Energy Ready Home (ZERH) communities – along with other experts have predicted a severe shortage in the next 2-3 years when the current multifamily projects under construction are absorbed. Because of that, MODUS Companies, has already begun to fill this void and is investing $425M to bring 1,030 NZE build-to-rent units to the Arizona market in the coming year.
“We saw this shift coming a mile away and given that our buildouts cost no more than non-NZE competitors yet offer so much more value and cost-savings to the renter – for example, utility bills are 50-70% less – we knew MODUS could make a difference,” said Ed Gorman, Founder of MODUS Companies.
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 BTR space in the months ahead. Upcoming projects throughout the state include:
Buckeye Village Centre in Buckeye, Arizona (78 units)
Currently named the fastest growing city in America, MODUS will be building a 78-unit community of rental homes across eight acres of land that is among the city’s downtown redevelopment. The 1- and 2-bedroom floor plans with private back yards will all be built with Zero Energy Ready Home standards, rooftop solar, numerous energy-saving features and electric vehicle charging stations.
Promenade Village in Casa Grande, Arizona (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 1-, 2- and 3-bedroom floor plans with private back yards all designed with Zero Energy Ready Home standards, rooftop solar and other energy-saving features.
Sundance Village in Buckeye, Arizona (154 units)
This master-planned community in Buckeye, Arizona will feature 154 rental homes that include 1-, 2- and 3-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 3- and 4-story buildings with elevators that lead to 1-, 2- and 3-bedroom apartments, each designed with Zero Energy Ready Home standards, and premium amenities (including a pool, spa, lounge and fitness center).
Scottsdale, Arizona (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 1-, 2- and 3-bedroom floor plans each with private back yards, built with Zero Energy Ready Home standards and advanced home automation. The state-of-the-art clubhouse will feature a gym, co-working spaces and 360 views of the surrounding communities and Camelback Mountain.
“Our decades of experience have really allowed us to hone in on a methodology that works for both the investor and the renter. We can now scale ZERH projects at up to 220 units per community, with that number expected to grow in the coming years,” said Gorman.
For more information on MODUS Companies and their upcoming projects, visit www.moduscompanies.com or call 602.421.2221.