Built-to-Rent Community Planned Southeast of Tucson
Tucson’s real estate market is staying hot, with year-over-year home prices up nearly 20% in certain neighborhoods. This is attracting a variety of investors and developers, with different plans on how to take advantage of the demand. Earlier this month, residential real estate development company Moderne Communities announced a new housing project in Rocking K Ranch southeast of Tucson near Saguaro National Park.
The company plans to break ground on “Moderne at Rocking K Ranch” later this month, with leasing planned for 2023. The project is a “built-to-rent” community, and is currently the only such community within the Vail masterplan. According to Moderne, the community will include 224 single-story, single-family homes and will be situated on 17 acres near the entrance of the community, and across the street from the masterplan’s main park/amenity area. The neighborhood within the masterplan will also include its own designated resort-style pool, barbecue area and community fitness center.
“After the success of our Moderne at Centennial in Las Vegas, which is now 90 percent leased, I am excited to begin building in Arizona,” said Moderne president Randy Bury in a press release. “To be the only build-to-rent neighborhood among homes being built and sold by Pulte, Lennar, KB Homes and Richmond American is especially exciting. Rocking K is a beautifully planned community with wonderful nearby amenities.”
Rent rates for Moderne at Rocking K Ranch are not currently available. However, the rents at their aforementioned Las Vegas location are a bit higher than average, with a one bed, one bath units at Moderne at Centennial in Las Vegas starting at $1,500, whereas average rent for a one bedroom apartment in Las Vegas is around $1,200.