The private Frankel Family Trust of Orange County, CA is thebuyer. The seller is GE Capital Investment Advisors, whichpurchased the complex three years ago for $33.6 million. The localoffice of Hendricks & Partners negotiated the sale.

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The complex, called Palisades, stands at 13440 N. 44th St.Though some communities in the Valley area suffered from a glut ofrentals in the 1990s, the region's vacancy factor has started tofall and rents in many areas are rising.

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