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33-Acre Buy to Deliver 1,600 Luxury Units to Phoenix
Marking Florida-based ZOM Living’s entrance into the Arizona market, the firm recently acquired a portfolio of four parcels totaling 33 acres in Phoenix and Scottsdale with plans to deliver thousands of new apartment units. The four sites were purchased by an affiliate of ZOM Living through an auction in the U.S. Bankruptcy Court.
The 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.
ZOM Living will open a regional office and employ a full-time team in Phoenix. The firm has built more than 23,000 apartment units nationwide, with an aggregate development value of $4.5 billion. Its current development pipeline includes more than 5,500 multifamily and senior housing units with projects underway or planned in Dallas, Charlotte, Austin, Washington, D.C. and South Florida metros.
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