Origin Closes Out QOZ Fund III With 190-Unit Scottsdale Apartments
Origin Investments and Mill Creek Residential plan to develop Modera Old Town, a 190-unit multifamily community in a qualified opportunity zone in Old Town Scottsdale, Ariz., as the final investment for Origin Opportunity Zone Fund III, LLC.
Construction is scheduled to begin in November after a groundbreaking. Completion is targeted for mid-2029, the companies said.
Modera Old Town is the second joint venture between Origin and Mill Creek. Their first, Modera Higley Commons, is a 276-unit community in Gilbert, Ariz. The companies said it was completed earlier this year and is 87% leased.
“This is a tremendous development opportunity to close out Opportunity Zone Fund III. This meets the criteria every QOZ investor looks for: premier location, institutional development partner, and strong deal economics,” said Jacob Sojka, vice president of acquisitions at Origin Investments.
The podium-style project sits on a 2.03-acre site at 7120 E. Indian School Road. It will have 73 one-bedroom, 101 two-bedroom, and 16 three-bedroom units averaging 1,076 square feet. Planned amenities include a pool with cabanas, an outdoor kitchen, a resident clubhouse, a fitness center, coworking space, and private conference rooms. According to the companies, the site has access to Loop 101 and Hayden Road.
Modera Old Town is the 22nd opportunity zone development Origin has announced and the 12th opportunity zone project for Mill Creek. Mill Creek said its opportunity zone projects total more than 3,800 homes. Origin said it has raised approximately $650 million for its opportunity zone program. It has also announced plans for more than $1.6 billion in multifamily developments that will total more than 4,750 units once completed. Those developments are in eight states: Arizona, Colorado, Florida, Georgia, Illinois, North Carolina, Tennessee, and Texas.
Origin closed Opportunity Zone Fund II in May 2023 after raising more than $300 million. That followed more than $264 million raised for Fund I. At the time, Origin said it planned to launch Fund III that year. Fund III has a $50,000 minimum investment. It had raised about $35.6 million from 209 investors as of Sept. 22.
Fund III’s final deal comes as the original opportunity zone program winds down. Capital gains deferred under the 2017 program must be recognized by Dec. 31, 2026. The One Big Beautiful Bill Act made the program permanent in July 2025, with newly designated tracts open to investment starting Jan. 1, 2027. Other sponsors are already positioning for the new rules. In May, Peakline Real Estate Funds launched a $1.3 billion program that expects to begin deploying capital in January 2027.
The Scottsdale project adds to Origin’s recent activity in the Phoenix area. In March, the firm announced Medina Station, a 353-unit development in Mesa, as the first investment for its Select Asset Fund. That same month, its IncomePlus Fund began construction on The Ellison, a 380-unit community in Chandler.
Boca Raton, Fla.-based Mill Creek develops, builds, and operates multifamily and build-to-rent communities. The company said its portfolio included 153 communities with nearly 43,000 rental homes operating or under construction as of June 30, 2026.
Chicago-based Origin Investments was founded in 2007 and manages private real estate funds for high-net-worth investors, family offices, and registered investment advisers. In 2023, it founded affiliate Origin Credit Advisers, an RIA focused on multifamily debt. In 2024, it launched Origin Exchange, a 1031 exchange platform.
Visit the AltsWire directory page.
