Piazza d'Oro is planned for 221 multifamily residential unitswith commercial office space and retail elements. The developmentsite is north of Highway 78 at Rancho Del Oro Road and Vista Way inOceanside.

The buyer acquired a property "with substantial improvements inthe ground," Esayian points out. K. Hovnanian was going to marketthe project as for-sale condos until the housing marketshifted.

The property was particularly attractive to ConAm because italready is entitled and partially built, Esayian explains. Itconsists of "high-quality assets in a good location of a coastalcommunity in San Diego County that will hold its long-term value ina tough market," the Hoffman Co. broker says.

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