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Business Observer Wednesday, Sep. 1, 2021 9 months ago

Orlando developer raises $36.3 million for luxury development

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ZOM Living to build complex in Brandon, adding to 1,200 units already in Tampa Bay
by: Louis Llovio Commercial Real Estate Editor

BRANDON—ZOM Living, an Orlando-based developer, has secured $36.3 million in financing to build a 289-unit luxury rental complex just outside Tampa.

In a statement, ZOM says the financing came in the form of a loan and an investment by JPMorgan Chase.

The development will be made up of seven three- and four-story buildings on a 13-acres site.

Kyle Clayton, ZOM’s senior vice president for the Florida market, says that in the past five years the company has built 1,200 units at three properties in the Tampa Bay market, an investment of about $230 million.

“The region is benefitting from population and economic growth with Tampa ranked second out of 25 U.S. markets forecasted to see significant multifamily rent growth,” Clayton says.

Azelea will include one- to three-bedroom apartments ranging in size from 700 square feet to 1,400 square feet.

ZOM, along with Orlando, has offices in Dallas, Phoenix Washington, D.C, Fort Lauderdale and Raleigh, North Carolina. According to its website, it has built 23,000 units worth about $4.5 billion in its 40 years.  It currently has 5,500 apartment and senior housing units under construction in several cities.

Construction has begun on the Brandon development, but a spokeswoman could not say when it will be completed and when leasing will begin.

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