CHANDLER, ARIZONA (May 23, 2025) – Institutional Property Advisors (IPA), a division of Marcus & Millichap, has announced the successful sale of Zaterra, a 392-unit luxury multifamily community located in Chandler, Arizona. Ares Management acquired the property for $137.5 million, or approximately $350,765 per unit.
IPA’s Steve Gebing and Cliff David represented the sellers, PB Bell and PCCP, LLC, and procured the buyer.
Completed in 2023, Zaterra is a two—and three-story, garden-style property situated on 22 acres. It has a low-density site plan and an average unit size of 1,043 square feet—substantially larger than typical multifamily offerings in the region.
Community amenities include:
- Two resort-style swimming pools with sundeck
- A creative suite with a large conference room and individual workspaces
- A 24-hour fitness center
-
Yoga lawn
“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.”
Zaterra benefits from a prime location with proximity to Downtown Chandler, the Price Corridor, Chandler Airpark Area, and the Ocotillo master-planned community—one of the East Valley’s most desirable live-work-play environments.
This transaction highlights continued investor confidence in Phoenix’s southeast valley, which remains one of the fastest-growing and most economically diverse regions in the Southwestern U.S.
For more information, visit www.institutionalpropertyadvisors.com.