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PHOENIX — Living Well Homes has completed the disposition of Azul, a 227-unit community in Phoenix, to a private buyer for $37.1 million. Completed in 1986, Azul offers studio, one- and two-bedroom apartments with an average size of 766 square feet. A majority of units feature washers and dryers. The two-story, garden-style community features two pools and a spa. Cliff David and Steve Gebing of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.