As a way to further improve the electronic properties of group V layered semiconductors, we propose to form in-layer 2D heterostructures of black phosphorus and grey arsenic. We use ab initio density functional theory to optimize the geometry, determine the electronic structure, and identify the most stable allotropes as a function of composition. Since pure black phosphorus and pure grey arsenic monolayers differ in their equilibrium structure, we predict a structural transition and a change in frontier states, including a change from a direct-gap to an indirect-gap semiconductor, with changing composition.