PHOENIX-A Chicago-based investor has purchased an apartment complex in the West Valley suburb of Avondale for $24.1 million .

Benjamin Sherman & Sons purchased the Rio Santa Fe Apartments, a 336-unit complex at 13015 W. Rio Santa Fe Blvd. in Avondale. The complex was developed last year by San Diego-based Fairfield, which was the seller.

The sale equates to a price of more than $71,700 per unit, the highest price per unit ever paid for any apartment project in the West Valley.

Avondale and other West Valley cities are poised to take much of the growth expected to continue in Phoenix in the coming years. With some East Valley cities approaching build-out and land prices escalating in that popular area, home builders and apartment developers are moving to the West Valley, where affordable land is still available and municipalities are eager for new construction.

Avondale is about 20 miles west of Phoenix and has about 20,000 residents.

The Phoenix office of Hendricks & Partners negotiated the transaction.

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