OAKLAND — A West Oakland condominium complicated was purchased for 39% under its assessed worth in a deal that implies the multifamily rental housing market within the East Bay stays on unsteady monetary footing.
An affiliate headed up by enterprise government Daniel Service provider, who relies in Piedmont, paid $18.7 million for The Union, a 110-unit condominium property at 532 Union St. subsequent to Interstate 880 on the nook of Fifth Avenue and Union Avenue.
The brand new possession group obtained a $13.1 million mortgage from Residents Financial institution.
The vendor of the complicated was an affiliate whose three way partnership companions embody New York Life Actual Property Buyers and Holliday Growth, state and county public paperwork present.
In 2018, the promoting group paid $2.4 million to purchase the property and likewise obtained a $26 million building mortgage. Round that point, New York Life Actual Property revealed its determination to speculate $18 million within the growth. Holliday Growth produced The Union, in-built 2020, via a modular system of building.
In January, the complicated had an assessed worth of $30.8 million, in keeping with the Alameda County Assessor’s Workplace.
The worth gives a contemporary indicator that the condominium markets in cities akin to Oakland and Berkeley seem like in a weakened state.
