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ZMR Capital Pays $90 Mil for AZ Multifamily Property

10/27/21

ZMR Capital purchased The Julia, a 320-unit multifamily community in the Phoenix submarket of Mesa, for $90.15 mil, or $281.7k/unit. Located at 546 South Country Club Rd, the property has been under institutional ownership since it was developed in 1986.

The previous owners maintained the property at very a high level, including upgrading 153 of the units. ZMR plans to institute a significant capital improvement plan to bring the remaining 167 units up to premium condition, including upgrading the counter tops and cabinets, adding stainless steel appliances, tile backsplashes, plank flooring and modern lighting fixtures.

Since entering the market in June of this year, FL-based ZMR has acquired three properties in the Phoenix MSA totaling 672 units for $157.5 mil. The firm is more than 50% of the way toward its goal of investing $250 mil in the Phoenix market over a 24-month period.






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