With the Arizona build-to-rent market booming, a Scottsdale developer has announced plans to build such a project in the city of Casa Grande. The Modus Companies, which specializes in housing development projects, says it wants to build a 426-unit apartment community called Promenade Village. The project will go up on just under 40 acres at the intersection of Interstate 10 and Florence Boulevard and represents just one more step into the build-to-rent market for Modus, which also specializes in Net Zero construction. The Promenade Village is one of a handful of build-to-rent efforts Modus is currently undertaking. Other projects include the 272-unit Sundance Station Apartments as well as the 78-unit Buckeye Village Centre, both in the city of Buckeye. The company’s increased emphasis on the build-to-rent world comes as reports have pointed to the Grand Canyon State as the number one market for such projects in the country. According to data released in the spring of 2023 by the National Rental Home Council, more than 2,000 build-to-rent homes were either in the building or planning stage in the state. In just-released figures, the site RentCafe is reporting that metro Phoenix is in the number one position, over all other metro areas nationally, for completing build-to-rent projects. It is thought that Phoenix will see the completion of some 20,000 such units within the next several years. By comparison, remarks the site AZBigMedia, Dallas has seen the construction of just over 6,500 units, and has another 6,481 build-to-rent projects currently under construction. By Garry Boulard Image Credit: Courtesy of Pixabay
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