Will Moderne at Rocking K Redefine Build-to-Rent Living in Vail, AZ?

November 13, 2024

With a burgeoning demand for upscale rental homes, Moderne Communities has made a significant investment in Vail by securing a $41.1 million refinancing loan from Calmwater Capital. This loan aims to support the newly constructed Moderne at Rocking K project. Spanning a vast 17.1-acre plot within the overarching 5,000-acre Rocking K master-planned area, this development features 224 single-family rental homes. It offers an array of one-, two-, and three-bedroom floor plans designed to meet diverse renter needs. The community’s amenities include a pool, spa, pickleball courts, barbecue area, and a fitness center. The robust interest in this development underscores a noticeable shift toward renters seeking the experience of home living without the financial burden of ownership. Rental costs in this community are substantially lower than owning a comparable home in Tucson, making it an attractive option for many.

Rapid Lease-Up and Market Dynamics

The quick lease-up of the first phase of Moderne at Rocking K is a testament to its appeal. With renters increasingly favoring single-family homes that avoid ownership responsibilities, the community quickly met its initial leasing goals. Located in an area with limited competition, being the only build-to-rent project within Rocking K, the development stands out. The nearest similar community is 12 miles away, and only two more are expected to launch by the end of next year. This scarcity adds to its allure, drawing in potential residents from nearby areas. The recent loan arranged by WAY Capital’s Malcolm Davies and RJ Opeka ensures that Moderne at Rocking K can strive for stabilized occupancy by early next year. This financial security supports Moderne Communities’ aim of providing high-quality rental living spaces that break away from the traditional apartment model.

Upscale Amenities and Future Prospects

Moderne at Rocking K emphasizes the growing trend towards build-to-rent communities that offer more than just a home; they promise a lifestyle. Residents can enjoy amenities more commonly found in luxury apartment complexes or upscale homes. With features like a pool and spa, along with recreational and fitness facilities, the community promises an enhanced living experience. The build-to-rent approach at Rocking K caters to a segment of the population that seeks the benefits of home living but prefers rental flexibility. The development’s success could pave the way for similar projects in the region, potentially redefining the rental landscape in Vail and beyond. As Moderne Communities continues to innovate and respond to renter demands, the project signals a promising shift in how rental living can be envisioned and executed, offering both convenience and upscale living options outside metropolitan hubs.

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