Garrett Development Venture Spends $9.795M to Assemble 626.7 Acres in Buckeye
Buckeye, Arizona – In two sales totaling a combined $9.795 million, companies formed by Jeff Garrett of Garrett Development in Phoenix and the Kemper & Ethel Marley Foundation in Phoenix acquired 627.7 acres in a planned community west of Phoenix in Buckeye called Westpark. The parcels are located along both sides of State Route 85 and just south of Interstate 10. Four related entities formed by Garrett and the Marley Foundation paid $8.7 million to purchase 522 of the acres. The sellers were three companies controlled Lauren Hunt of Bolinas, Calif. The cash deal was negotiated through Ryan Semro, Bret Rinehart, Ben Heglie and Greg Vogel of Land Advisors Organization in Scottsdale. That land is targeted for 1,472 single-family homes, 20 acres of multi-family units, 90.7 acres of commercial and 29.9 acres of public use. In a $1.095 million cash sale, a company formed by Garrett and the Marley Foundation acquired another 104.12 acres at Westpark. The seller was LPP Mortgage Ltd., a company formed by Beal Bank in Plano, Tex. That sale was brokered through Nate Nathan and Ryan Duncan. That property is targeted for 362 residential units. BREW has reported Garrett and the Marley Foundation teaming up to buy numerous parcels and income-producing properties in the Valley. Talk to the Land Advisors agents at (480) 483-8100.