East Valley apartment complex sells for $138 million

Article originally posted on Phoenix Business Journal on May 21, 2025

A Chandler property just became one of the largest luxury apartment sales of the year.

The 392-unit Zaterra luxury apartments was purchased last week in an all-cash, $137.5 million transaction, according to Tempe-based real estate database Vizzda LLC. It marks the second significant sale of luxury apartments this month, following the $97.5 million sale of The Core Scottsdale on May 7.

For context, the Zaterra sale would have marked the Valley’s No. 5 largest largest multifamily sale of 2024. The complex, built in 2021, extends across 22 acres and was sold for $350,765 per unit, according to Vizzda. Zaterra’s units were acquired at a higher price than the reported median in the Valley in 2024, which according to Northmarq was $288,000.

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