321-acre property in Arizona sells for $23m

Valley Land Group, a new Phoenix-based land investment and development company, has closed on a 321-acre property in Casa Grande, Ariz., for $23 million.

The property is located off Selma Road and Interstate 10. An onramp planned for Selma Road would add traffic to the area. This parcel holds a certification of assured water supply, an important factor for residential development. The team plans to rezone the property and increase density on the residential side. Valley Land Group already has received higher offers for multi-family and commercial use.

“Casa Grande is seeing a shortage of homes,” said Anita Verma-Lallian, founder of Arizona Land Consulting and acting consultant on the land purchase. “The city is feeling the pressure to add housing, and quickly, as large manufacturers continue to move into the area and bring job opportunities with them. We are seeing this as the chance to help the city fill a void and educate the leaders about the importance of hel