Canfield Development has sold The Estelle, a 61-unit luxury multifamily community in West Los Angeles, for $55 million to an affiliate of The Green Cities Co.
The property was built in 2020 as for-sale condominiums and was converted to for-rent apartments amid the pandemic. The property boasts exceptionally large floor plans averaging 1,474 square feet and was 30 percent leased at the time of the sale. The Estelle offers residents a resort-style living experience with a state-of-the-art fitness center, Mediterranean pool, and ample green space, including three landscaped rooftops. Situated within a mostly residential neighborhood, The Estelle features stunning views of Los Angeles while also offering convenient access to the city’s employment nodes, dining, culture, nature and retail.
“Class A transactions in Los Angeles have been rare since the onset of the pandemic, with The Estelle representing just the fourth closing of an institutional-quality asset in the ci
