Local Firm Buys Oakland Apartment Tower for $99 Million Amid East Bay Market Struggles

OAKLAND — 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 34-story housing tower that Three Steps bought is located at 447 17th St., according to county real estate records. , 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.

As of January 2024, an estimate from the Alameda County Assessor’s Office placed an assessed value of $209.8 million on the apartment complex.

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Local Buyer Acquires Oakland Apartment Tower for $99 Million Amidst East Bay Market VolatilityA local real estate firm, Three Steps Properties, has purchased a 254-unit apartment tower in downtown Oakland for $99 million. While the deal signifies interest in the East Bay market, it also highlights the ongoing challenges faced by the sector, with several apartment complexes recently seized due to loan defaults.
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