CBRE announced the sale of Piazza D’Oro, a 221-unit luxury mixed-use development in Oceanside, California, for $81 million. Kevin Mulhern, Dixie Hall, Rachel Parsons and Tyler Anderson of the CBRE Multi-Housing Investment Properties group represented the seller, Piazza D’Oro, LLC, an affiliate of The ConAm Group. The buyer was TruAmerica Multifamily, a Los Angeles-based real estate investment firm led by industry veteran Robert E. Hart and The Guardian Life Insurance Company of America.

“Because it was originally intended as condominiums for sale, Piazza D’Oro is the premier multi-housing project along the SR-78 corridor,” said Kevin Mulhern of CBRE. “On a per-unit basis, the sale price is the highest ever paid for rental homes in North San Diego County.”

Totaling 42 buildings on an expansive 14.4 acres, the property’s three-story townhomes create an idyllic Italian-style village.  The two- and three-bedroom units are finished with top-of-the-market materials and appliances with unit sizes averaging approximately 1,600 square feet. Approximately 17,000 square feet of leasable on-site office space was included in the sale, with additional retail space previously sold to a private investor.

With close proximity to major freeways and rail stations, the property offers attractive convenience for commuters working anywhere from Carlsbad to Downtown San Diego and along State Route 78.  Tri-City Medical Center, the largest hospital in North San Diego County, is just over a mile from the property. In addition to onsite amenities—clubhouse, fitness center, outdoor recreational and dining spaces—the property is also near to two retail centers featuring a large grocery store, restaurants, movie theater and other specialty boutiques.

Bill Chiles, Scott Peterson and Troy Tegeler of the CBRE Debt & Equity Finance Group arranged $50.5 million in financing for 7 years with a fixed rate of 3.85% and a loan-to-value ratio of 63%.

“This loan will help our client maximize cash flow by providing 3 years of interest only payments and allowing pre-payment flexibility during the last 2 years of the loan term.” said Bill Chiles, Senior Vice President with CBRE.

Originally entitled as for-sale housing, the property was sold during construction to The ConAm Group, which completed the project in 2010.