Oakland apartment tower swiftly lands local buyer after foreclosure

Oakland apartment tower swiftly lands local buyer after foreclosure

A big apartment tower in downtown Oakland has been bought by a busy local real estate investor in a deal that hints at distress and fading values for the East Bay's multifamily residential market.

Three Steps Properties Buys 206-Unit Multifamily Tower in Oakland for $78MM - The Registry

By The Registry Staff An Oakland high-rise that last year was seized by its lender due to an unpaid real estate loan now has a new owner. An entity affiliated with Three Steps Properties purchased the 24-story apartment tower for $78 million, or approximately $378,640 per unit. The seller was Union Labor Life Insurance Co., […] The post Three Steps Properties Buys 206-Unit Multifamily Tower in Oakland for $78MM appeared first on The Registry.

Big Oakland apartment tower swiftly lands local buyer after foreclosure

OAKLAND — A big apartment tower in downtown Oakland has been bought by a busy local real estate investor in a deal that hints at distress and fading values for the East Bay’s multifamily residential market. An affiliate controlled by Three Steps Properties has paid $78 million to buy a 24-story apartment tower at the corner of 17th Street and Webster Street in downtown Oakland, according to documents filed on April 11 with the Alameda County Rec…