Developer operator Moda Living’s second Build to Rent neighbourhood – Moda, The Lexington – reaches full capacity, proving the high demand for high quality rental homes in cities that put lifestyle and experience front and centre. The scheme is the first building of its kind in Liverpool. The 34-storey development reached 65% capacity in the first four months of opening. Occupancy continued to grow throughout 2022, before reaching full capacity in mid-November.
“The phenomenal performance of Moda, The Lexington is testament to the hard work of the team, underpinned by vast and consistent demand for high quality homes for rent with amenities and services that put lifestyle at the heart of city living.
“The success of Moda, The Lexington also furthers our confidence in the resilience of the Build to Rent model in times of economic uncertainty. We’re confident this neighbourhood and our portfolio of homes across the UK will continue to thrive as residents wake up to a new generation of renting that puts their needs and requirements first.”Dan Brooks, Co-Founder and Director, Moda Living
Moda, The Lexington – which opened to residents in September 2021 – includes 325 fully furnished Build to Rent homes – a mix of studios, one, two and three bedroom homes, which come with low-energy Samsung appliances and electronics. As one of the tallest buildings in Liverpool, the development offers exclusive views over the waterfront and The Three Graces.
Amenities include a private dining room, sky lounge, cinema room, co-working spaces with bookable meeting rooms, free coffee stations, high-speed Wi-Fi, an outdoor roof terrace with a kitchen bar, BBQs, and a 24/7 gym with a retractable wall extending into the roof garden.
“We moved to The Lexington in August 2022 after viewing the property, and all their amenities were available to its residents, it’s safe to say myself and my partner were very impressed by the level of quality, detail, and enthusiasm displayed by the team at the Lex.
“In the end we chose a 2-bed with awesome views over the Mersey River, which is furnished to a very high standard, beautiful well thought out layout design.
“We have an 8-month-old daughter who has taken to the Moda life pretty well, considering families usually live in houses this baby is a Moda life baby!!
“Overall brilliant community, exceptional facilities, and a superb team!!”Charlotte, Moda, The Lexington resident
Moda, The Lexington has held over 100 resident events since it opened. These included the Liverpool debut of workout sensation Barry’s in two sold-out basement takeovers, rooftop parties and mental health focused activity sessions. Its onsite team has also resolved 654 concierge requests and has handled over 3,000 parcels.
Moda, The Lexington forms part of Peel Land and Property’s £5bn Liverpool Waters regeneration project, one of the largest of its kind in Europe. The Liverpool neighbourhood was the first to be delivered by Moda in its prime Build to Rent housing platform with Apache Capital, Harrison Street, one of the leading investment management firms exclusively focused on alternative real assets, and NFU Mutual. Moda works with a number of institutional funding partners across a number of different managed residential platforms.
The Build to Rent scheme’s strong performance was proven in October when it was refinanced with a new £70m loan facility from Deutsche Bank, which was secured by investors Apache Capital, Harrison Street and NFU Mutual.
“The Lexington was the first operational scheme in our joint venture with Harrison Street and NFU Mutual as capital partners and Moda as the developer operator, the success of which is clear evidence of the pent-up demand for high quality rental housing.
“Today’s announcement [15 December 2022], coupled with the recent refinance, is further proof that a highly serviced and highly amenitised approach to Build to Rent offers both resilience and growth prospects in the UK’s core regional cities.”John Dunkerley, Co-founder and CEO, Apache Capital