By ZOM Livingย
ZOM Livingย has acquired a portfolio of four parcels totaling 33 acres in Phoenix and Scottsdale with plans to deliver up to 1,600 units over the coming years.ย
The Florida-based firm plans to build up to 1,600 luxury units as part of a first phase of development across five rental communities based in north Phoenix, Scottsdale and the Biltmore District, resulting in a combined investment exceeding $500M. The four sites wereย purchasedย by an affiliate of ZOM Living through an auction in theย U.S. Bankruptcy Court.ย
The acquisition marks the firmโs entrance into the Arizonaย market, where it will openย a regional office and employ a full-time team.ย Since its founding more than 40 years ago, ZOM Living hasย builtย moreย thanย 23,000ย apartmentย units nationwide, with an aggregate development value of $4.5B. The firmโs current development pipeline includes more than 5,500 multifamily and senior housing units. ZOM Living ranked #11 in theย Multi-Housing News 2020ย list of the countryโs largest multifamily developers.ย
ZOM Livingโs arrival in Arizona coincides with the Phoenix marketโs steady growth amidst rising demand for rental housing. A new report fromย CBREย ranked the city as being home to the second-strongest multifamily market in the U.S., and a mid-2020 market report byย Cushman & Wakefieldย found apartment vacancy rates hovering around 5 percent, fueled by a fast-growing population and an employment rate that was stronger than the national average. The Phoenix regionโs population is expected to reach 5.2 million by 2022, a 12 percent increase over a five-year period dating back to 2017.ย
Following is an overview of the development parcels ZOM Living acquired. The firm expects to begin construction by late 2021.ย
- Desert Ridge/North Phoenixย (20 acres/5.92 acres): ZOM Living has acquired two parcels 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 toย Desert Ridge Marketplaceย and High Street.ย
- Downtown Scottsdale: ZOM Living plans up to 749 market-rate rental units within two to three buildings on 3.74 acres at the intersection of Scottsdale and Camelback roads. The property is adjacent toย Scottsdale Fashion Squareย and theย Scottsdale Entertainment District.ย
- Biltmore District: ZOM Living will develop approximately 300 apartment units on a 2.92-acre site at Highland Avenue and 24th Street, about two blocks away fromย Biltmore Fashion Park. (Source)ย