ZOM Living to invest $500m to develop multifamily communities in Arizona

ZOM Living has acquired a portfolio of four parcels totaling 33 acres in Phoenix and Scottsdale, Ariz., with plans to deliver thousands of new apartment units during the coming years. The plan marks the firm’s entry to the Arizona market.

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. The four sites were purchased by an affiliate of ZOM Living through an auction in the U.S. Bankruptcy Court.

The acquisition marks Florida‐based ZOM Living’s entrance into the Arizona market, where it will open a regional office and employ a full‐time team. The firm expects to begin construction by late 2021.

“Our team at ZOM Living has been waiting for the right entry point into the Phoenix market, so we were naturally drawn to the prospect of acquiring