Courtesy ZOM Living

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.”

Phoenix’s fundamentals have remained strong, with the region’s population expected to reach 5.2 million by 2022. It is one of Multifamily Executive’s five markets to watch in 2021, and CBRE recently ranked it as the nation’s second strongest multifamily market.

Construction on the first phase is expected to start by late 2021. The plans include:

  • North Phoenix/Desert Ridge: These two parcels totaling 26 acres will include 600 multifamily units. A fast-growing employment center, Desert Ridge is expected to add up to 100,000 new jobs over the next two decades.
  • Downtown Scottsdale: Up to 749 market-rate units are planned for two to three buildings on 3.74 acres of land at the intersection of Scottsdale and Camelback roads and adjacent to the Scottsdale Fashion Square and Scottsdale Entertainment District.
  • Biltmore District: The final 2.92-acre site will include approximately 300 multifamily units and will be near the Biltmore Fashion Park as well as recreation, entertainment, and jobs.

With four decades in multifamily development, ZOM Living continues to grow its presence around the nation with planned and active projects in Austin, Texas; Charlotte, North Carolina; Dallas; South Florida; and Washington, D.C.—representing a pipeline of more than 5,500 multifamily and seniors housing units. It has built approximately 23,000 apartments nationwide with an aggregate development value of $4.5 billion.