ZOM Living buys 20 acres in N. Phoenix for $34.9M
ZOM Living has acquired 20 acres of land at the northwest corner North 56th Street and Loop 101 in North Phoenix for $34,873,614 — or $1,743,680.70 per acre, according to the commercial real estate tracking website Vizzda.
The land is on a commercial ground lease from the State of Arizona that commenced July 7, 1993, and terminated July 6, 2092. The State of Arizona was represented in the sale by brokers Beth Jo Zeitzer of R.O.I. Properties and Don Arones of Cushman & Wakefield.
ZOM Living assumed the ground lease for this land. This sale is out of the Chapter 7 bankruptcy proceedings of the former lessee. ZOM Living made a stalking horse bid — an initial bid on the assets of a bankrupt company — of $82 million for four properties.
ZOM was founded in 1977 by Joost P. Zyderveld, a Dutch oil company executive who targeted Florida for real estate investment opportunities. ZOM’s investment activities were initially broad in scope. The company invested in land and developed both single-family residential, as well as commercial, office, and retail projects. The company’s focus on multifamily development commenced in 1990 with several multifamily projects developed in and around Orlando. ZOM Living has grown into one of the most highly regarded luxury apartment development companies in the United States. ZOM has joint ventured or developed nearly 22,500 apartment units, and has garnered over 180 industry awards, including the prestigious National Multifamily Development Firm of the Year award (NAHB).