CHARLESTON — The city’s housing authority has purchased a 209-unit apartment complex in West Ashley, describing the $39.75 million deal as an opportunity to preserve “naturally-occurring” affordable rental housing .

“The thought was that if we didn’t buy it, another investor might and could price people out of there,” said housing authority Chief Financial Officer Jeremy Erling.

In the past decade investors have been buying up apartments in West Ashley — just the sort of thing that prompted the housing authority’s concerns. The authority’s purchase of the 1800 Ashley West complex won’t turn those apartments into public housing or lower the rents, but with no tax bills or profit motive the authority could keep the rents from rising as they might have with a private owner.

“We’re tr

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