ZOM Living has acquired 20 acres of land on the northwest corner of North 56th Street and Loop 101 in North Phoenix for $ 34,873,614 – or $ 1,743,680.70 per acre, according to Vizzda Commercial Real Estate Tracking website.
The property is on a commercial lease with the state of Arizona that began July 7, 1993 and ended July 6, 2092. The state of Arizona was represented in the sale by brokers Beth Jo Zeitzer of ROI Properties and Don Arones of Cushman & Wakefield.
ZOM Living took over the basic lease for this land. This sale comes from the former lessee’s Chapter 7 bankruptcy process. ZOM Living placed a stalking horse bid – an initial bid on the assets of a bankrupt company – for $ 82 million on four properties.
ZOM was founded in 1977 by Joost P. Zyderveld, a Dutch oil company targeting Florida for real estate investment opportunities. ZOM’s investment activities were initially broad. The company invested in land and developed single family homes as well as commercial, office and retail projects. The company’s focus on multi-family home development began in 1990 with several multi-family projects being developed in and around Orlando. ZOM Living has grown into one of the most respected luxury apartment development companies in the United States. ZOM has founded or developed almost 22,500 residential units as a joint venture and has received over 180 industry awards, including the prestigious “National Multifamily Development Firm of the Year” (NAHB) award.
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