BUCKEYE, Ariz. (November 26, 2024) – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of a 17.89-acre parcel of land by Summit Community Church adjacent to the church campus in Buckeye, Arizona. The asset sold for $9,300,000 and is intended for multifamily development.
“The buyer, Highstreet Ventures from Canada, will build 510 multifamily rental units on this property,” said Michael Farrar, associate in Marcus & Millichap’s Phoenix office. “They plan to offer rental units to satisfy the demand for this type of housing stock in this rapidly developing submarket with a growing employment corridor.” The buyer, Highstreet Ventures Inc, was represented by Michael Farrar and Art Rullo, investment specialists in Marcus & Millichap’s Phoenix office. The seller, Summit Community Lutheran Church, was represented by Bret Rinehart and Wesley Campbell with Land Advisors Organization.
Summit Church is located at 20555 West Roosevelt Street in Buckeye, Arizona. The buyer is proposing up to three stories and a unit mix of 144 studios, 150 one-bedrooms and 216 two-bedrooms with a clubhouse and pool.
“We look forward to bringing our first of many net-positive, zero carbon communities to Metro Phoenix and building it with our exceptional partner Lean Built by Elevate Construction,” said Highstreet CEO, Scott Butler. "The property is ideally located within the Landing Specific Area Plan in Buckeye, Arizona. It is envisioned to be the West Valley’s premier destination for all things recreation, entertainment, working, shopping and living."
