ZOM sells West Palm Beach apartments for $48M

ZOM built the 179-unit multifamily complex in 2019

Azola West Palm Beach and ZOM Living CEO Greg West (Google Maps, iStock)
Azola West Palm Beach and ZOM Living CEO Greg West (Google Maps, iStock)

ZOM sold a 179-unit apartment complex that it recently developed in West Palm Beach for $48.3 million.

Records show Azola West Palm Beach Owner LP sold the complex called Azola West Palm Beach to Raia FL Azola TIC I LLC, Raia FL Azola TIC II LLC and Raia FL Azola Sands LLC.

The 196,683-square-foot complex at 1990 Augustine Road sold for $269,832 a unit.

The selling entity links to multifamily developer ZOM Holding, according to the deed. Samuel C. Stephens, III signed on behalf of the seller. Records show Stephens is executive vice president of Azola WPB GP LLC, a corporation that links to Orlando-based management company ZRS Management, an affiliate of ZOM Living.

The three buying companies are all managed by Samuel A. Raia, the principal at Ramsey, New Jersey-based Raia Properties, according to his Linkedin profile.

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Raia borrowed $32 million from Walker & Dunlop LLC to finance the purchase, records show.

The ZOM affiliate bought the property for $6.5 million in 2017. That same year, the developer built the four-story apartment complex, finishing in 2019.

Azola West Palm Beach has one-, two- and three-bedroom units ranging from 717 square feet to 1,460 square feet, according to its website. Amenities include a pool, 24-hour gym, coffee bar and dog park.

South Florida’s multifamily market has been particularly active this month. Dermot Company paid $143 million for an apartment community in Boynton Beach, marking one of the most expensive deals in more than a year.

Also, a private investor and a real estate firm acquired a mixed-use multifamily complex in Wilton Manors for $11 million, and an affiliate of Alliance Residential Co. and The Carlyle Group paid $11.5 million for a development site in West Palm Beach and scored a $42.9 million loan for construction of a 280-unit multifamily project.

In July, ZOM Senior Living and Watermark Retirement Communities closed on land for two senior living projects in Coral Gables and West Palm Beach.

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