Multifamily developer ZOM Living has entered the Phoenix market. The firm plans to invest $500 million in the market and build more than 1,600 units in North Phoenix, Scottsdale and the Biltmore District.

"We are highly attracted to areas that have strong employment and population growth and low regulation. Phoenix really fits all of those characteristics," Greg West, CEO of ZOM Living, tells GlobeSt.com. "Statistically, it is one of the fastest growing markets in the country with a lot of employment, some of which is growing organically but a lot that is coming to the market from higher regulatory markets. In that regard, Phoenix is really benefitting from its proximity to California. We think that the formula that they have is really strong and is going to be a sustained good story for a long time."

ZOM acquired three parcels to develop its 1,600 units. One in Desert Ridge/North Phoenix, which will accommodate 600 units; another in Downtown Scottsdale, where ZOM will build nearly 750 units; and a parcel in Biltmore District for the development of 300 units.