Brian and Linda Russell purchased the Pueblo Grande apartments, a 29-unit complex at 420 E. McMurray. The complex was 100% occupied at the time of the sale. The sale price equates to nearly $34,500 per unit.
Casa Grande, which lies about 45 miles south of downtown Phoenix, has been growing rapidly in the past three years as home building and commercial development have moved further south. Rising home prices in the East Valley have also pushed some residential development out toward and beyond Casa Grande. The community now has more than 30,000 residents and is poised for even greater growth in the next decade.
Bingham Enterprises of San Jose, Calif. was the seller of the property. The Phoenix office of CB Richard Ellis, with brokers Todd Braun, Greg Campbell and Brett Polachek, represented the seller in the transaction, while the Casa Grande office of Century 21 Real Estate represented the buyer.
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