Moderne Communities, a real estate investment and development company, sold Moderne at Centennial, a 14-acre build-to-rent community situated in North Las Vegas, to RSE Capital Partners for $80 million.
The Scottsdale, Arizona–based firm purchased the land in 2019 and started construction on the gated community that includes 185 rental homes and community amenities in spring 2020. The sale to RSE Capital officially closed Feb. 25.
Moderne at Centennial includes a mix of one-, two-, and three-bedroom units, ranging from approximately 640 to 1,225 square feet. In addition to gated security, community amenities include 12 pocket parks, a community fitness center, a resort-style pool, a ramada and barbecue area, and three electric car-charging stations.
Trevor Koskovich and Thomas Olivetti of Northmarq Brokers facilitated the transaction.
“We currently have two build-to-rent communities under construction in Arizona, and we are looking for other parcels to build on in Las Vegas,” says Randy Bury, president of Moderne Communities. “The need for residential community living is in high demand. We began leasing here in early 2021, and it’s already 85% leased.”
Moderne at Roosevelt is located in the city of Tolleson, just outside downtown Phoenix, while Moderne at Rocking K Ranch is located in Vail in southern Arizona. Both communities are targeted to open for leasing in 2023.