A luxury apartment company based in Orlando, Florida has announced plans to build up to 1,600 new units in the apartment-hungry metro Phoenix market.
ZOM Living says it will spend around $500 million for construction of the new units which will partially go up on some 33 acres the company recently purchased in Phoenix.
As planned, the upscale units will measure between 800 square feet and around 1,100 square feet. Part of the land in question is located near Loop 101 and 56th Street on the far north side of Phoenix.
That site is expected to see construction of just under 750 units.
ZOM Living plans to build an additional 300 units on just under 3 acres at the intersection of Highland Avenue and 24th Street on the northwest side of the city.
The company also wants to build 749 market rate units in downtown Scottsdale, as well as 300 units in Phoenix’s upscale residential and financial Biltmore District, on the northeast side of the city.
Specializing in upscale apartment projects, ZOM currently has properties comprising some 23,000 apartment units in Florida, North and South Carolina, and Texas, among other states.
Currently the company has more than 5,500 units either under construction or in the predevelopment phase.
In a statement, Greg West, ZOM chief executive officer, remarked that 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.”
By Garry Boulard
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