A new housing tower in Oakland has been bought by a local buyer in a deal that topped $90 million — although the transaction indicates the East Bay apartment market continues to wobble. The apartment tower, located at 17th and Broadway in downtown Oakland, was bought for $99 million, according to documents filed on Dec. 20 with the Alameda County Recorder’s Office.
Three Steps Properties, an East Bay real estate firm that acted through an affiliate, is the new owner of the 254-unit housing highrise, the Alameda County public documents show. At the time of the purchase, the Three Steps Properties affiliate also landed a $92.3 million loan from MetLife Real Estate Lending, the Alameda County property documents show. The 34-story housing tower that Three Steps bought is located at 447 17th St., according to county real estate records. Quarterra Multifamily, which is a spinoff of one of the subsidiaries of housing titan Lennar Group, sold the highrise to the Three Steps Properties entity. Lennar Multifamily developed the downtown Oakland tower.The Oakland and Emeryville apartment markets are showing some signs of struggling. In recent months, multiple apartment complexes have been seized by their lenders to satisfy delinquent or failing loans. Among the problem properties:204-unit apartment complex at Telegraph Avenue and 51st Street , was taken by a real estate firm that had bought the property’s loan and then foreclosed on the financing vehicle on Nov. 27.Oakland-based Three Steps Properties, the new owner of the just-bought apartment tower at 447 17th St. in Oakland, is active in the local real estate market and owns several apartment complexes in the East Bay, according to the company’s website. The buyer’s properties include several in Oakland and one in Richmond, the real estate firm’s website says. The deal shows that Three Steps bought the 17th and Broadway apartment highrise for considerably less than the tower’s assessed valu