Marcus & Millichap recently announced the successful sale of Summit Church, a 17.89-acre multifamily property in Buckeye, Arizona. The property was sold for $9.3 million and the buyer, Highstreet Ventures, has plans to develop 510 multifamily rental units on the site.
The transaction was facilitated by Marcus & Millichap associates Michael Farrar and Art Rullo from their Phoenix office who represented Highstreet Ventures Inc . The seller, Summit Community Lutheran Church, was represented by Bret Rinehart and Wesley Campbell from Land Advisors Organization.
Located at 20555 West Roosevelt Street in Buckeye, Arizona , Summit Church will soon be transformed into a modern apartment complex with up to three stories and a unit mix of 144 studios ,150 one-bedroom units ,and216 two-bedroom units along with amenities such as a clubhouse and pool. “We are excited about our partnership with Lean Built by Elevate Construction as we bring our first net-positive zero-carbon community to Metro Phoenix,” said Scott Butler CEO of Highstreet Ventures.
The development is situated within the Landing Specific Area Plan in Buckeye which makes it an ideal location for this project. With its innovative design features aimed towards sustainability and energy efficiency,the new apartment complex is set to make its mark on Metro Phoenix’s real estate market.
