A canal carries water from the Colorado River to tribal land in Arizona.
Public records show a hedge fund that, according to its website, is "a global investor in companies and assets that ensure water quality and supply" paid $100 million for land in La Paz County in July.
AZPM found records for purchases totaling 12,753.81 acres. The land was previously owned by a company out of North Carolina, which bought at least some of it from the City of Phoenix.
The land encompasses a large portion of the unincorporated community of Wenden and sits in the McMullen Valley.
Officials in La Paz County told AZPM they fear that such deals could result in groundwater being pumped and sent to other communities.
The aquifer under the land is designated as a transfer basin, meaning water can be pumped from there and sent to other places in the state.
There is little regulation as to how much water a landowner can pump from an aquifer in Arizona's rural counties.
AZPM found records showing Water Asset Management already owns at least 523 acres in Mohave County to the north and 754 acres in Yuma County to the south.
The company did not immediately return calls for comment.
For more on water issues in La Paz County and other rural parts of Arizona, listen to the next three episodes of Tapped, AZPM's podcast about water in the southwest. Those episodes begin August 28.
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