A development site comprising 17.8 acres located at 20555 West Roosevelt Street in Buckeye, AZ, has been sold for $9,300,000. The buyer, Highstreet Ventures, intends to develop this parcel into a 510-unit multifamily property, which will feature a mix of studio, one-bedroom, and two-bedroom units, along with amenities that include a clubhouse and pool.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $9,300,000
• Buyer: Highstreet Ventures
• Seller: Summit Community Lutheran Church
• Buyer's Representative: Michael Farrar - Marcus & Millichap
• Seller's Representatives: Brett Rinehart & Wesley Campbell - Land Advisors Organization

This transaction highlights the collaboration between several key players in the real estate sector, with Highstreet Ventures acquiring the property through the representation of Michael Farrar from Marcus & Millichap. On the other side, the seller was represented by Brett Rinehart and Wesley Campbell from Land Advisors Organization, demonstrating an organized approach to this sizable development project.