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.

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

There are few new plots to develop properties in West Los Angeles, so new product tends to sell fast and attract a lot of attention, especially those properties with high-end fixtures and amenities. In a recent interview, Randy Fifield, principal and vice chair of Fifield Cos., told GlobeSt.com that rental units were in higher demand than for-sale condominiums because renting is a better value. Her company has 800 units in the pipeline throughout the city, and they are also expected to attract high interest.