Origin Investments, Mill Creek Residential Plan 190-Unit Modera Old Town in Scottsdale

Origin Investments and its partner Mill Creek Residential announced plans for Modera Old Town, a 190-unit multifamily Opportunity Zone development at 7120 E. Indian School Road in Old Town Scottsdale, Arizona. Construction is expected to begin in October following an official groundbreaking, with completion targeted for mid-2029, the firms said in an Oct. 20 announcement.

The project is the second venture between Origin Investments and Mill Creek Residential and extends Mill Creek's Modera brand. It is the final investment in Origin's Opportunity Zone Fund III.

Modera Old Town Development Details

Modera Old Town will be built on a 2.03-acre site, or roughly 88,427 square feet, in the Old Town Scottsdale submarket. The podium-style community will contain 73 one-bedroom, 101 two-bedroom and 16 three-bedroom apartment homes averaging 1,076 square feet, which works out to approximately 204,440 rentable square feet and a density of about 94 units per acre.

The development vision is to mirror the quality established at Mill Creek's Modera Reserve in Kierland, completed in 2026, which features elevated interior finishes and premium lifestyle amenities.

Planned community amenities include:

• A resort-style pool, outdoor kitchen, poolside cabanas, lounge seating, and outdoor grilling and entertainment areas with a fire feature
• A resident clubhouse with an entertainment lounge, modern dining and bar space, and a membership-quality fitness center
• High-end coworking spaces and private conference rooms

Apartment interiors are planned to include stainless steel appliances, quartz countertops, tile backsplashes, luxury vinyl-plank flooring, premium cabinetry, kitchen islands, undermount sinks, under-cabinet lighting, full-size washers and dryers, private patios or balconies, and roller shades. Smart home features will include smart thermostats and keyless entry. Bathrooms will feature double vanities, tile tub and shower surrounds, and backlit LED mirrors.

Executive Comments From Mill Creek Residential and Origin Investments

"Modera Old Town represents an exciting opportunity to bring Mill Creek's signature approach to apartment living to one of the most desirable locations in the Phoenix market," said Tyler Wilson, Senior Managing Director for Mill Creek Residential. "We're pleased to continue our successful partnership with Origin Investments to deliver a community that enhances the neighborhood and offers residents an exceptional place to call home."

Jacob Sojka, Vice President of Acquisitions at Origin Investments, said: "We are excited to work with a developer the caliber of Mill Creek which has a well-established reputation for quality and integrity throughout Arizona and across the country. This is a tremendous development opportunity that closes out Origin's Opportunity Zone Fund III for the benefit of our investors."

Partnership Track Record and Platform Metrics

The first development between Origin Investments and Mill Creek Residential is Modera Higley Commons, a 276-unit community in Gilbert, Ariz. The community was completed earlier this year and is 87% leased.

Modera Old Town is Origin's 22nd overall Opportunity Zone development announced and Mill Creek's 12th Opportunity Zone development project, with Mill Creek's Opportunity Zone projects totaling more than 3,800 homes.

Since launching Origin Opportunity Zone Fund I in 2021, Origin has raised approximately $650 million in capital and has announced development plans for more than $1.6 billion in multifamily residential communities. If completed as planned, the communities, located in eight states (Tennessee, Illinois, Texas, North Carolina, Arizona, Colorado, Florida and Georgia), are expected to total more than 4,750 units.

Mill Creek Residential, headquartered in Boca Raton, Florida, had a portfolio of 153 communities representing nearly 43,000 rental homes operating or under construction as of June 30, 2026. Origin Investments, founded in 2007, is a private real estate manager that provides tax-efficient real estate solutions through private funds for high-net-worth investors, family offices and registered investment advisors.

Old Town Scottsdale Location and Market Context

Old Town Scottsdale is one of the most walkable and vibrant submarkets in the Phoenix metropolitan area, with a Walk Score of 81. The site is a short distance from dining and nightlife venues including Bourbon & Bones, Citizen Public House, The Mission and Diego Pops, and from a luxury retail corridor anchored by Scottsdale Fashion Square and the Scottsdale Waterfront. Loop 101 and Hayden Road provide connectivity to North Scottsdale, Tempe and Downtown Phoenix, and the area is minutes from employment centers including SkySong Innovation Campus, HonorHealth and Arizona State University.

The announcement comes as the Phoenix multifamily market works through a wave of new supply. One third-quarter 2026 market report put Phoenix vacancy at 10.7%, down from 11.4% a year earlier, while average asking rent declined modestly to $1,535 per unit. The same market analysis shows Phoenix's construction pipeline down 30% year over year to 16,399 units, with 2026 completions projected to fall nearly 50%.

Vacancy in Old Town Scottsdale and the Camelback Corridor is below 7%, compared with materially higher vacancy in several other Phoenix-area submarkets. Pricing for premium product also differs from the broader market: Scottsdale multifamily cap rates were about 4.7% for luxury metro Class A properties and 4.75% for suburban Class A properties as of October 2026, while Kidder Mathews reported an average Phoenix multifamily cap rate of 6.7% in the third quarter, up from 6.0% a year earlier.

Outlook for Modera Old Town

With construction expected to begin this month and delivery targeted for mid-2029, Modera Old Town would arrive after the current Phoenix development pipeline has contracted, assuming existing projects are completed and few new starts replace them. The project's performance will depend on achieving rents and lease-up at a time when metrowide vacancy remains elevated and asking rents have softened.

Sources

• Origin Investments press release: Origin Investments and Mill Creek Residential Announce Plans for Modera Old Town