Oceanside M-F Asset Commands Record Per-Unit Price

The San Diego residential market recently recorded a substantial deal when a rental townhouse development was purchased, setting a per-unit record in terms of the fee. The property is located in the Oceanside submarket of San Diego, and formerly owned by ConAm Group, who sold the property to L.A.-based investor, TruAmerica Multifamily, part of a joint venture with Guardian Life Insurance, the San Diego Union-Tribune writes. The total fee that ConAm received for its asset stood at around $81 million, with the per-unit rate at approximately $366,516, a record for Oceanside a record for the submarket.

Setting a new record for Oceanside , a 221-unit rental townhouse property there has traded for $366,516  per unit.

In an $81 million deal, a joint venture of TruAmerica Multifamily and Guardian Life Insurance acquired the asset, named Piazza d’Oro, from ConAm Group, the San Diego Union-Tribune reported.

Located on a 14-acre site along the 78 corridor at 3402 Piazza de Oro Way, the upscale rental property was acquired by ConAm from K. Hovanian Homes, its original developer. K. Hovnanian had envisioned the project as a for-sale community, but stepped away from it after the recession hit.

According to the Union-Tribune, rents at Piazza d’Oro run between $2,250 to $2,550, and unit footprints range between 1,586 and 1,704 square feet. Ten units were still vacant when the transaction closed.

Image courtesy of piazzadorotownhomes.com