ZOM Living obtained funding for Azola Desert Ridge, its first Phoenix project, with more on the way. The new development’s funding includes a joint venture equity investment from Origin Investments and construction financing totaling $88 million.
Located along the Loop 101 Freeway at 56th Street, Azola Desert Ridge will feature 416 apartments across four-story buildings in a garden-style residential community that is expected to deliver by third quarter of 2026.
Azola Desert Ridge will offer floor plans ranging from 730 to 1,533 square feet. Onsite amenities will include a pool and deck, a fitness center, individual offices for residents, a self-service market, and lounge areas.
Additionally, the firm plans to build up to 532 market-rate rental units in Old Town Scottsdale, and another approximately 341 apartment units in the Biltmore District on a site two blocks from the Biltmore Fashion Park.
CBREÂ worked on behalf of ZOM Living to arrange the joint venture equity investment with Origin Investments. Mike Higgins led the CBRE multifamily equity advising team representing the sponsor.
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