LOS ANGELES—Canfield Development has soldThe Azure, a 28-unit apartment complex on theWestside to a private investor for $15.08 million or $538,571 perunit, GlobeSt.com repots exclusively. The sale drew strongcompetition from buyers, selling above the original asking price of$14.9 million.

The developer sold the property, which is located at 11900Courtleigh Drive, as part of a 1031 exchange foreither a value-add or development project in the area. Canfield iswell known for developing high-quality properties with acontemporary style. The units in this specific property average1,250 square feet and have high-end finishes and in-unit washersand dryers. The building also offers residents a rooftop loungewith city views. It was 68% occupied at the time of the sale.

“Buyers were attracted to the asset because of the brand new,high-quality construction and attractive and up-and-coming Westsidelocation,” Adrienne Barr, aBerkadia SVP who represented both the buyer andthe seller in the transaction, tells GlobeSt.com. “The successfulbidder was one of multiple buyers who offered non-contingent fundsupon mutual execution of the purchase and sale agreement.” Thebuyer was also looking to purchase this property as part of a 1031exchange.