Developer and investment management firm CityView has sold the Wilmington apartment complex it built last year to the Redfern Family Trust for $75 million, according to public records.

CityView, based in Westwood, said in a press release Tuesday that the deal marked the final sale of a property developed through its CityView Los Angeles Fund I, which raised $150 million in equity to invest in 21 projects in Los Angeles.

“It’s very difficult to build in L.A., and if we could focus on a fund dedicated to strong demand, difficult barriers to entry and lack of supply, we could create value for investors,” Sean Burton, CityView’s chief executive, told the Business Journal. “There was so much opportunity in L.A.”

CityView planned the Wilmington complex, called Solimar, as townhomes back in 2007, but the recession halted development. CityView hung on to the property, picked up a defunct car dealership next door, and ended up building 204 apartments on the bigger site.

Leasing began in September, and the building is now more than half occupied, according to Burton. Two-bedroom units begin at $2,399 a month, according to the Solimar website.

Marcus & Millichap’s Greg Harris brought the buyer to the property, and represented both buyer and seller in the transaction, which translated to about $328,400 a unit. Title documents filed with the L.A. County Registrar-Recorder’s Office named the Redfern Family Trust, headed by Thomas and Mary Redfern, as the buyer.

“We sold this earlier than anticipated because we got what we considered a strong offer,” Burton said.