PB Bell and PCCP have sold Zaterra, a 392-unit multifamily property in Chandler, Ariz. The asset traded for $137.5 million, or $350,765 per unit.
Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the sellers and procured the buyer.
“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, executive managing director at IPA. “In comparison to other post-2000 constructed assets, Zaterra has 48 percent lower density, providing an enduring competitive advantage that will become more pronounced as multifamily completions continue to decline.”
Zaterra is near downtown Chandler, Chandler Airpark Area and the Ocotillo master-planned community. It’s proximate to the Price Corridor, where residents can commute to Intel’s Ocotillo campus, Northrop Grumman, Wells Fargo, ASML and Bank of America. Shopping, dini
