OAKLAND — A brand new housing tower in Oakland has been purchased by an area purchaser in a deal that topped $90 million — though the transaction signifies the East Bay house market continues to wobble.
The house tower, situated at seventeenth and Broadway in downtown Oakland, was purchased for $99 million, based on paperwork filed on Dec. 20 with the Alameda County Recorder’s Workplace.
254-unit, 34-story house tower at 447 seventeenth St. in downtown Oakland. (Google Maps)
Three Steps Properties, an East Bay actual property agency that acted by means of an affiliate, is the brand new proprietor of the 254-unit housing highrise, the Alameda County public paperwork present.
On the time of the acquisition, the Three Steps Properties affiliate additionally landed a $92.3 million mortgage from MetLife Actual Property Lending, the Alameda County property paperwork present.
The 34-story housing tower that Three Steps purchased is situated at 447 seventeenth St., based on county actual property data.
Quarterra Multifamily, which is a derivative of one of many subsidiaries of housing titan Lennar Group, bought the highrise to the Three Steps Properties entity. Lennar Multifamily developed the downtown Oakland tower.
The just-bought highrise opened in 2019 when it started accepting its first residents.
Oakland-based Three Steps Properties, the brand new proprietor of the house tower, is lively within the native actual property market and owns a number of house complexes within the East Bay, based on the corporate’s web site.
The client’s properties embrace a number of in Oakland and one in Richmond, the actual property agency’s web site says.
The deal reveals that Three Steps purchased the seventeenth and Broadway house highrise for significantly lower than the tower’s assessed worth.
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As of January 2024, an estimate from the Alameda County Assessor’s Workplace positioned an assessed worth of $209.8 million on the house advanced.
Because of this Three Steps Properties purchased the house tower for a worth that was 53% beneath the newest assessed worth for the parcel.
Fading property values can play a giant issue within the assessed worth of a parcel.
If assessed values decline, property taxes may additionally drop, which might squeeze the stream of actual property income to California cities, counties, college districts, particular districts and different authorities companies whose funding sources embrace property taxes.
“17th and Broadway’s contemporary apartments offer unprecedented lifestyle amenities,” said a publish on the Flats.com web site relating to the property.
The web site additionally states that the house tower gives a substantial variety of facilities which might be out there to all residents.
“Relax on the outdoor pool terrace, then gather with friends at the 34th-floor, open-air lounge for a phenomenal view of the city skyline,” the Flats.com publish concerning the tower states.
