TruAmerica, Guardian Life Drop $81M On Luxury Calif. Apts.

Law360, New York (November 4, 2013, 3:02 PM EST) -- The ConAm Group has sold its 221-unit luxury mixed-use development in Oceanside, Calif., to TruAmerica Multifamily and The Guardian Life Insurance Co. of America in an $81 million deal, according to broker CBRE Group Inc.

Piazza D'Oro is one of the most sought-after multi-housing projects in the area, according to Kevin Mulhern of CBRE, in part because it was originally intended to be condominiums for sale. The project was sold to The ConAm Group during construction, and ConAm completed it in 2010.

“On a per-unit basis,...
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