Institutional Property Advisors (IPA), a division of Marcus & Millichap, dedicated to serving the company’s institutional clients, announced the sale of Zaterra, a 392-unit multifamily property in Chandler, Arizona.
“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.” Gebing and IPA executive managing director Cliff David represented the sellers, PB Bell and PCCP, LLC, and procured the buyer.
Zaterra is near Downtown Chandler, the Price Corridor, Chandler Airpark Area, and the Ocotillo master-planned community. It’s proximate to Price Corridor where residents can conveniently commute to Intel’s Ocotillo campus, Northrop Grumman, Wells Fargo, ASML, and Bank of America. Shopping, dining, and entertainment are close by at mixed-use developments Overstreet, New Square, and One Chandler.
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. The property’s walk-up layouts and garages emulate condominium-style living. Community amenities include two swimming pools with sundecks, a creative suite with a large conference room and individual workspaces, 24-hour fitness center, and a yoga lawn.
Marcus & Millichap, Inc. (NYSE: MMI) is a leading national brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services. As of December 31, 2023, the Company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The Company also offers market research, consulting and advisory services to our clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion.
Institutional Property Advisors (IPA) is a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios.
