Land purchase marks luxury developer’s Phoenix debut; plus 9 more Valley deals to know

Article originally posted on Phoenix Business Journal on April 3, 2025

Fort Lauderdale, Florida-based ZOM Living has started work on a 416-unit luxury apartment project in north Phoenix, called Azola Desert Ridge.

The developer paid $27.1 million for a 20-acre parcel at the northwest corner of 56th Street and Loop 101, according to Tempe-based Vizzda LLC.

This sale resolves the Arizona State Land auction on June 26, 2024, where ZOM Living was the winning bidder of 54 acres for $6.62 million.

“With this sale ZOM undoes the ground lease and then sells the land — fee-simple — to an entity representing a partnership between ZOM Living and Origin Investments,” according to Vizzda. “This is not a fully arms-length transition with a new construction loan of $88.9 million from Trust Bank.”

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