Rendering Courtesy of ZOM Living
One of the nation’s largest developers of multifamily housing, ZOM Living has acquired a portfolio of four parcels totaling 33 acres in Phoenix and Scottsdale with plans to deliver thousands of new apartment units over the coming years. According to the commercial real estate tracking website Vizzda, part of the 33 acres is land at the northwest corner North 56th Street and Loop 101 that was purchased for nearly $34.9 million.
ZOM Living, a Florida-based firm, intends to build up to 1,600 luxury units as part of a first phase of development spread across five rental communities located in North Phoenix, Scottsdale, and the Biltmore District, resulting in a combined investment exceeding $500 million. The four sites were purchased by an affiliate of ZOM Living through an auction in the U.S. Bankruptcy Court.
The acquisition marks ZOM Living’s entrance into the Arizona market, where it will open a regional office and employ a full-time team. Since its founding more than 40 years ago, ZOM Living has built more than 23,000 apartment units nationwide, with an aggregate development value of $4.5 billion.
“Our team at ZOM Living has been waiting for the right entry point into the Phoenix market, so we were naturally drawn to the prospect of acquiring four well-located sites that are prime for market-rate multifamily development,” says ZOM Living CEO Greg West. “The Phoenix metro area has all the ingredients our firm looks for when entering into a new market, beginning with consistent population growth, strong demographics, and a stable labor market.”
In the Desert Ridge area, ZOM Living has acquired two parcels of land totaling 26 acres along the Loop 101 Freeway at 56th street, which will be home to approximately 600 multifamily units. The sites are located within walking distance of Desert Ridge Marketplace and High Street and are in close proximity to the Mayo Clinic Hospital, American Express’ corporate campus, and the JW Marriott Resort and Golf Club.
Other major ZOM Living purchases include purchases in Downtown Scottsdale and the Biltmore District in Phoenix. Construction is expected to begin later this year.