Origin Investments and its partner Mill Creek Residential, a national investment and rental housing company, announced Modera Old Town, a well-located 190-unit multifamily opportunity zone development in Old Town Scottsdale. Construction on the new community is expected to begin in October, following an official groundbreaking and is targeted for completion in mid-2029.
This new development represents the second venture between Origin and Mill Creek Residential and is an expansion of Mill Creek’s Modera brand. Origin and Mill Creek’s first development is Modera Higley Commons, a 276-unit community development in Gilbert, Ariz. The new community was completed earlier this year and currently is 87% leased.
Modera Old Town is being developed on a 2.03-acre site at 7120 E Indian School Road in the heart of Old Town Scottsdale. The podium-style development is comprised of 73 one-, 101 two-, and 16 three-bedroom apartment homes averaging 1,076 square feet. The development vision for Modera Old Town 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.
“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.”
Modera Old Town is in the heart of Old Town Scottsdale. It is one of the most walkable and vibrant submarkets in the Phoenix MSA.
“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,” said Jacob Sojka, Vice President of Acquisitions, Origin Investments. “This is a tremendous development opportunity that closes out Origin’s Opportunity Zone Fund III for the benefit of our investors.”
Modera Old Town will feature top-of-market, hospitality-inspired amenities, including a resort-style pool, outdoor kitchen, poolside cabanas, lounge seating, and outdoor grilling and entertainment areas with a fire feature. That caliber of amenities will extend to the resident clubhouse and include an entertainment lounge, modern dining and bar space, and a membership-quality fitness center. Additional offerings include high-end coworking spaces, and private conference rooms.
Apartment home interiors will include a variety of deluxe features, including 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, roller shades and a variety of smart home features, including smart thermostats and keyless entry. Bathrooms will feature double vanities, tile tub, and shower surrounds and backlit LED mirrors.
Old Town Scottsdale has a Walk Score of 81, which means most errands can be completed within a short walk. The site of the new community sits within a short distance of Scottsdale’s premier dining, exceptional nightlife, and retail offerings including Bourbon & Bones, Citizen Public House, The Mission, and Diego Pops. The luxury retail corridor is anchored by Scottsdale Fashion Square and the Scottsdale Waterfront.
The community is located near major arterials such as Loop 101 and Hayden Rd, providing direct connectivity to North Scottsdale, Tempe, and Downtown Phoenix. Just minutes from the property are leading employers in healthcare, hospitality, and technology, with convenient access to regional job centers like SkySong Innovation Campus, HonorHealth, and Arizona State University. The area also offers a dense network of high-end fitness, wellness, and entertainment options, making it a true live-work-play environment for renters seeking an upscale urban lifestyle.
For Origin, Modera Old Town represents the final investment in its Opportunity Zone Fund III and its 22nd overall opportunity zone development announced by Origin. This represents Mill Creek’s 12th opportunity zone development project totaling over 3,800 homes.
Since launching Origin Opportunity Zone Fund I in 2021, Origin raised approximately $650 million in capital and to date has announced development plans for more than $1.6 billion in multifamily residential communities. If completed as planned, the communities located in eight states including Tennessee, Illinois, Texas, North Carolina, Arizona, Colorado, Florida, and Georgia, are expected to total more than 4,750 units.
