Ares Buys Phoenix Community for $138M
The luxury asset came online in 2023.
The joint venture between P.B. Bell and PCCP LLC has sold Zaterra, a 392-unit luxury community in Chandler, Ariz., a Phoenix submarket, for $137.5 million. Institutional Property Advisors brokered the deal.
Ares Management acquired the asset in an all-cash transaction, according to Yardi Matrix information. The property traded for $350,765 per unit.
Located at 200 W. Germann Road near downtown Chandler, the community is close to Chandler Municipal Airport and less than 25 miles from downtown Phoenix. Phoenix Sky Harbor International Airport is 19 miles away.
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Completed in 2023, the garden-style property encompasses 30 two- and three-story buildings across 22 acres. The unit mix comprises one-, two- and three-bedroom floorplans ranging from 838 to 1,325 square feet.
Common-area amenities include two swimming pools with sundecks, a spa, a fitness center and a playground. The community also has a business center, a creative suite with large conference room and individual workspaces, as well as a yoga lawn and EV charging stations.
Institutional Property Advisors Executive Managing Director Steves Gebing and Cliff David represented the seller.
Phoenix sales diminish year-over-year
Phoenix’s multifamily transactions volume year-to-date as of April clocked in at $814.3 million, involving 15 communities or 3,335 units, according to Yardi Matrix information. This amount is smaller than the $920.8 million registered during the same period of last year, when 17 assets totaling 3,535 apartments changed hands.
Last month, Brookfield Properties acquired Arches at Hidden Creek, a 432-unit property also in Chandler, for $95.5 million. That community is some 3 miles from Zaterra.
Other notable deals include Tower 16 Capital Partners and Raith Capital Partners’ purchase of Sanctuary at South Mountain, a 166-unit build-to-rent property. The 2023-completed asset traded for $48 million.
