Institutional Property Advisors (IPA), a division of Marcus & Millichap that serves institutional real estate investors, has arranged the sale of Zaterra, a 392-unit multifamily development located in Chandler, Arizona. The transaction was valued at approximately $137.5 million, translating to around $350,765 per unit.
The sale was facilitated by IPA Executive Managing Directors Steve Gebing and Cliff David, who represented the sellers—PB Bell and PCCP, LLC—and secured the buyer.
Chandler remains one of the most supply-constrained submarkets in the Greater Phoenix region. According to IPA, only nine multifamily assets have been completed in the city since 2020. Zaterra stands out among its peers with a design that emphasizes low density—offering nearly 50% fewer units per acre than typical properties built after 2000. IPA suggests this design feature could provide a long-term edge, especially as new construction activity in the multifamily sector shows signs of slowing in the coming year.
Situated near key employment and lifestyle nodes, Zaterra offers convenient access to Downtown Chandler, Chandler Airpark, the Price Corridor, and the Ocotillo community. Major employers in the vicinity include Intel’s Ocotillo campus, Northrop Grumman, Wells Fargo, ASML, and Bank of America. Residents are also within reach of nearby retail and dining destinations such as Overstreet, New Square, and One Chandler.
Completed recently on a 22-acre site, Zaterra is a garden-style residential complex comprising two- and three-story buildings. The average unit size is approximately 1,043 square feet, notably larger than typical multifamily layouts in the area. Its walk-up access and private garages are designed to resemble condominium-style living.
Amenities on the property include two swimming pools with sundecks, a creative suite with a large conference room and individual workspaces, a 24-hour fitness center, and a dedicated yoga lawn.
Institutional Property Advisors (IPA), part of Marcus & Millichap (NYSE: MMI), provides real estate investment and capital markets services to institutional clients across North America. Leveraging a combination of market intelligence, financial expertise, and proprietary technology, IPA supports clients in the acquisition, sale, and financing of commercial properties and portfolios.
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By Proptechbuzz
By Ravi Kumar
