Apartment Units Sell for $34.2 Million

PHOENIX-California group buys 10-year-old apartment complex for more than $63,800 per unit.

By D.J. Burrough | Updated on August 28, 2000

PHOENIX-A 10-year-old apartment complex on the north side of town has sold for $34.2 million, or an average per-unit price of more than $63,800.

The private Frankel Family Trust of Orange County, CA is the buyer. The seller is GE Capital Investment Advisors, which purchased the complex three years ago for $33.6 million. The local office of Hendricks & Partners negotiated the sale.

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

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