Ares Pays $137.5M for Chandler Apartments
PB Bell and PCCP have sold Zaterra, a 392-unit multifamily property in Chandler. The asset traded for $137.5 million, or $350,765 per unit. IPA’s Steve Gebing and Cliff David represented the sellers and procured the buyer, Ares Management.
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. Community amenities include two swimming pools with sundecks, a creative suite with a large conference room and individual workspaces, a 24-hour fitness center, and a yoga lawn.
Gebing added, “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 is near Downtown Chandler, the Price Corridor, Chandler Airpark Area, and the Ocotillo master-planned community.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout