A heating, ventilation, and/or air conditioning (HVAC) system includes a first condenser coil of a refrigerant circuit, wherein the first condenser coil is configured to receive a first refrigerant flow from a compressor of the refrigerant circuit, a modulating valve of the refrigerant circuit, and control circuitry communicatively coupled to the modulating valve. The modulating valve is configured to receive a second refrigerant flow from the compressor and configured to direct the second refrigerant flow to a second condenser coil of the refrigerant circuit and to a reheat coil of the refrigerant circuit in a parallel flow arrangement, and the control circuitry is configured to operate the modulating valve to apportion the second refrigerant flow between the second condenser coil and the reheat coil based on a detected operating parameter of an air flow directed across the reheat coil.