PHOENIX-A non-profit organization has purchased an apartment complex in the West Valley for $7.35 million to provide affordable housing. Community Services of Arizona purchased the Edgewater Apartments, a 196-unit housing complex at 102 S. 4th Ave. in Avondale, in a suburb about 10 miles west of Phoenix. The sale price equates to $37,500 per unit.

The complex was sold by a partnership formed by the Archon Group and Goldman Sachs.Affordable housing has become an increasingly heated issue in the Valley in the past few year. Virtually no new affordable housing has been added to the stock, despite an annual population growth of more than 100,000.

A number of factors combine to limit the growth of affordable housing. Many communities in the Valley refuse to allow zoning for dense housing, in some cases requiring one acre per home. The median home price in the Valley is now $155,000, a far cry from the median of $122,000 just five years ago. And most of the new apartments that have been brought to the market in the past five years have been Class A properties, with monthly rent starting at $700.

The Phoenix office of Insignia/ESG represented the seller in the transaction.

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