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

The developer sold the property, which is located at 11900 Courtleigh Drive, as part of a 1031 exchange for either a value-add or development project in the area. Canfield is well known for developing high-quality properties with a contemporary style. The units in this specific property average 1,250 square feet and have high-end finishes and in-unit washers and dryers. The building also offers residents a rooftop lounge with city views. It was 68% occupied at the time of the sale.

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