Arizona

CHANDLER, ARIZ. — Institutional Property Advisors (IPA) has arranged the sale of Zaterra, a 392-unit property in Chandler. The asset traded for $137.5 million, or $350,765 per unit. Completed in 2023 on 22 acres, Zaterra is a two- and three-story, garden-style property with an average unit size of 1,043 square feet. Amenities include two pools, a suite with a large conference room and individual workspaces, 24-hour fitness center and a yoga lawn. The sellers were entities doing business as PB Bell and PCCP, LLC. The buyer was not identified.

CHANDLER, ARIZ. — New York-based TGM has acquired Ocotillo Bay, a 296-unit community in Chandler, roughly 25 miles southeast of Phoenix. An undisclosed national fund manager sold the asset for $90.5 million.  Built in 1997, Ocotillo Bay offers features two pool areas with cabanas and barbecues; an outdoor lounge area with a bocce ball court, fireplace, barbecue and covered seating area; resident clubhouse with business center and TV seating area; and fitness center with weight training and cardio equipment, as well as a separate yoga/spin room. Asher Gunter, Matt Pesch, Sean …

PHOENIX — Living Well Homes has completed the disposition of Azul, a 227-unit community in Phoenix, to a private buyer for $37.1 million. Completed in 1986, Azul offers studio, one- and two-bedroom apartments with an average size of 766 square feet. A majority of units feature washers and dryers. The two-story, garden-style community features two pools and a spa. Cliff David and Steve Gebing of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

GLENDALE, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Monte Vista, a 208-unit community in Glendale. The property traded hands for $25.5 million. Built in 1985, Monte Vista offers a pool, laundry facility and covered parking. Each apartment features washer and dryer connections, dishwashers and walk-in closets. The average unit size is 787 square feet. Cliff David, Steve Gebing of IPA and Darrell Moffitt of Marcus & Millichap represented the private seller and procured the buyer, a workforce and affordable housing fund. 

SCOTTSDALE, ARIZ. — Leon Capital Group subsidiary Leon Multifamily has completed the disposition of Soltra Kierland, a 202-unit property in Scottsdale. A private investor purchased the asset for $107.5 million. Matt Pesch, Asher Gunter, Sean Cunningham and Austin Groen of CBRE represented the seller in the transaction. Soltra Kierland was built in 2024. Apartments feature wood-style flooring, custom built-ins, washers and dryers, walk-in closets, custom cabinetry, walk-in rain showers, stainless steel appliances, eat-in kitchen islands and quartz countertops. Select units also include quartz waterfall island countertops, black stainless steel appliances, gas …