April 19, 2024 4:11 pm
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Phoenix investor group looks to buy up apartments to create workforce housing

Urban Communities LLC bought this property at 1601 W. Camelback Road in Phoenix and has converted it into workforce housing. / Photo Jim Poulin / Phoenix Business Journal

New fund seeks $20M to revitalize dilapidated Valley properties

By Angela Gonzales | Phoenix Business Journal

A Phoenix developer has plans to offer much-needed workforce housing while ridding some Valley neighborhoods of gangs, drugs and prostitution by raising $20 million to buy and renovate dilapidated apartments through a new real estate fund.

When Phoenix-based Urban Communities LLC bought its first property at 1601 W. Camelback Road in Phoenix, the apartments were overflowing with gangs, drugs and prostitution, said Maximiliano Palacio, president of Urban Communities.

“He’s not kidding,” added Christine Mackay, economic development director for the city of Phoenix.

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