By Angela Gonzales | Phoenix Business Journal
Scottsdale-based Greenlight Communities LLC is investing $325 million to build apartment communities in a move that company officials say will help address housing affordability in metro Phoenix.
The company has four projects under construction and is in escrow to buy land to build another six around the Valley — an effort that will deliver 2,500 units during the next two years.
Housing affordability is a national and local problem, said Patricia Watts, co-founder and partner of Greenlight Communities. In Phoenix, two out of every four renters are rent burdened, which means renters can afford to pay their monthly rent but have little or no money left over, she said.
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