The complex was sold by a partnership formed by the Archon Groupand Goldman Sachs.Affordable housing has become an increasinglyheated issue in the Valley in the past few year. Virtually no newaffordable housing has been added to the stock, despite an annualpopulation growth of more than 100,000.
A number of factors combine to limit the growth of affordablehousing. Many communities in the Valley refuse to allow zoning fordense housing, in some cases requiring one acre per home. Themedian home price in the Valley is now $155,000, a far cry from themedian of $122,000 just five years ago. And most of the newapartments that have been brought to the market in the past fiveyears have been Class A properties, with monthly rent starting at$700.
The Phoenix office of Insignia/ESG represented the seller in thetransaction.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
