**Ares Acquires Chandler’s Zaterra Apartments for $137.5 Million**
PB Bell and PCCP have completed the sale of Zaterra, a 392-unit multifamily community located in Chandler, Arizona. The property commanded a sales price of $137.5 million, equating to approximately $350,765 per unit. Institutional Property Advisors (IPA) brokers Steve Gebing and Cliff David represented the sellers and sourced the buyer, Ares Management.
Built in 2023, Zaterra spans 22 acres and features a mix of two- and three-story garden-style buildings. Its low-density site plan and spacious average unit size of 1,043 square feet differentiate the community from many similarly aged properties. Amenities at Zaterra include two resort-style swimming pools with sundecks, a 24-hour fitness center, a yoga lawn, and a creative suite featuring a large conference room and individual workspaces.
“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,” said Gebing.
Zaterra is strategically located near key Chandler landmarks, including Downtown Chandler, the Price Corridor, Chandler Airpark Area, and the Ocotillo master-planned community.
