By Christine Serlin | Multifamily Executive
Developer ZOM Living is making its entry into the hot Phoenix multifamily market with plans to build up to 1,600 luxury apartments in the coming years. The units will be part of a first phase of development, which will include five rental communities, for a combined investment exceeding $500 million.
The Florida-based firm has acquired a portfolio of four parcels totaling 33 acres that span across north Phoenix/Desert Ridge, downtown Scottsdale, and the Biltmore District through an auction in the U.S. Bankruptcy Court. It also will open a regional office with a full-time team.
“Our team at ZOM Living has been waiting for the right entry point into the Phoenix market, so were naturally drawn to the prospect of acquiring four well-located sites that are prime for market-rate multifamily development,” said 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.”