The Lexington scheme 40% pre-let ahead of opening

Moda Living announces The Lexington – its Build to Rent scheme in Liverpool – is 40% pre-let ahead of its official opening this month.

Street view of The Lexington Build to Rent development in Liverpool - Moda Living | BTR News
Street view of The Lexington Build to Rent development in Liverpool.

Moda Living is riding high with an impressive 40% uptake of its latest building  – The Lexington – before officially opening its doors to residents this month.

Moda, The Lexington – named after its New York-inspired design – is part of Peel Land and Property’s £5bn Liverpool Waters regeneration project. The prominently set vertical community overlooks the Liverpool waterfront and stands at 34-storeys high – making it one of the highest residential towers in Liverpool.

The Lexington apartments are furnished to enviable standards and include a mix of spacious studio, one bedroom, two bedroom sharers and three bedroom family homes.

“We’re delighted to have seen such uptake for our apartments at Moda, The Lexington, following unprecedented demand for our show-flat viewings, which started in June this year. At Moda, we pride ourselves on providing community-first living that prioritises wellbeing and takes the stress out of renting, and we’re looking forward to opening our doors and introducing residents to the Moda way of life this September.”

Jenna Lloyd, General Manager, Moda, The Lexington

The substantial early interest from consumers provides an uplifting boost to the city of Liverpool and the Build to Rent market – with 130 of its 325 cutting-edge waterfront homes already secured. The results highlight Moda’s philosophy that modern renters are looking for spaces to work from home, the opportunity to prioritise health and wellbeing and to forge relationships within their communities. The interest also highlights the growing rental appeal from every age and life stage.

The leasing milestone for The Lexington demonstrates a strong performance that was achieved through social media and Moda Living’s own database. The operator confirms that within three days of launching in June 2021, 100 tours were booked, and 570 enquiries were fielded during the month.

“I am thrilled that reservations at The Lexington have been so strong from the outset, which is even more impressive when you consider the first phase of the building was let entirely through our social media channels. It shows there is clear demand for the new way of living and renting Moda is offering, and I look forward to seeing the neighbourhood coming to life as the first residents move in.”

Dan Brooks, Co-founder and Director, Moda Living
Moda, The Lexington Build to Rent development in Liverpool | BTR News
Moda, The Lexington Build to Rent development in Liverpool.

Moda, The Lexington will be the second Build to Rent neighbourhood in Moda Living’s multifamily housing portfolio that is funded by Harrison Street and Apache Capital Partners. The first, Angel Gardens in Manchester, will be fully occupied by the end of the summer – following completion in July 2020. Four more locations will become operational over the next several months in Edinburgh, Birmingham, Leeds and Glasgow.

Amenities at The Lexington include outdoor roof terraces with citywide views, bespoke work from home spaces and a 24/7 onsite gym. This aligns with Moda’s ethos of delivering radically different developments designed to maximise residents’ health, wellbeing, lifestyle, sense of community and use of technology.

“The initial success of The Lexington represents the strength of the Moda brand and clear desire for purposeful living accommodations as well as the importance of health and wellness in a resident’s living decision making process. Harrison Street has been at the forefront of investing in healthy buildings, and we are proud to continue to support our long-time partners, Moda and Apache, as they bring this innovative project to life for the betterment of its residents and surrounding communities.”

Paul Bashir, CEO of Europe, Harrison Street

Moda also ensures renting is simple and accessible, which is exemplified by no deposits, no fees and the ability to move into a new apartment within 48 hours. The Lexington has also partnered with local brands including Six By Nico and Madre to truly embed itself in the city and further expand the Moda community offering for residents.

“To have pre-let over a third of the apartments at our Liverpool Build to Rent development with Moda Living is a major achievement and demonstrates the strength of demand for high quality, highly serviced and amenitised purpose-built rental housing in core regional cities. The leasing success at The Lexington is testament to the hard work of the operational team as well as the innovative, digital-led approach driven by Moda and we look forward to welcoming our first residents.”

Jamie Snary, Director of Asset Management and Operations, Apache Capital Partners

Harrison Street has invested over €3.5bn across 69 assets throughout Europe – including six Build to Rent assets with over 2,500 units. The Lexington is part of a pipeline of over 2,000 Build to Rent homes that the JV between Harrison Street and Apache Capital Partners currently has across the United Kingdom.