ZMR Capital Continues Rapid Phoenix Expansion with The Julia

ZMR Capital continues its rapid expansion into the Phoenix MSA with its acquisition of The Julia, a 320-unit multifamily community in the Phoenix submarket of Mesa for $90.15 million. Located at 546 South Country Club Rd., the property has been under institutional ownership since it was developed in 1986.

Since entering the market in June of this year, the Florida-based real estate investment company has acquired three properties in the Phoenix MSA totaling 672 units for $157.5 million. ZMR is halfway to its goal of investing $250 million in the Phoenix market in a 24-month period.

The speed in which ZMR has been able to establish and increase its footprint in the Phoenix MSA is a result of developing relationships with local brokers and other property owners during the last year, according to ZMR CEO Zamir Kazi.

“We spent a lot of time ahead of our first acquisition doing diligence on properties in a very thorough manner and that has allowed us to move quickly and aggressively when opportunities present themselves,” Kazi said. “We developed relationships and credibility with those already in the Arizona marketplace and that has enabled us to unearth investment opportunities like The Julia.”