Institutional Property Advisors, a division of Marcus & Millichap dedicated to serving the company’s institutional clients, announced the sale of Zaterra, a 392-unit multifamily property in Chandler, Arizona. The asset traded for $137.5 million, or $350,765 per unit.
“Chandler is among the highest barrier to entry submarkets in the Phoenix metro and Zaterra is one of only nine assets completed in the city since 2020,” said Steve Gebing, IPA executive managing director. “In comparison to other post-2000 constructed assets, Zaterra has 48% lower density, providing an enduring competitive advantage that will become more pronounced as multifamily completions continue to decline.” Gebing and IPA executive managing director Cliff David represented the sellers, PB Bell and PCCP, LLC, and procured the buyer.
Zaterra is near Downtown Chandler, the Price Corridor, Chandler Airpark Area, and the Ocotillo master-planned community. It’s proximate to Price Corridor where residents can conveniently commute to Intel’s Ocotillo campus, Northrop Grumman, Wells Fargo, ASML, and Bank of America. Shopping, dining, and entertainment are close by at mixed-use developments Overstreet, New Square, and One Chandler.
Completed in 2023 on 22 acres, Zaterra is a two- and three-story, garden-style property with a low-density site plan and larger than average unit size of 1,043 square feet. The property’s walk-up layouts and garages emulate condominium-style living. Community amenities include two swimming pools with sundecks, a creative suite with large conference room and individual workspaces, 24-hour fitness center, and a yoga lawn.
