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downtown Oakland high-rise was purchased by local real estate firm Three Steps Properties for $99 million, significantly less than its assessed value of $209.8 million. The 34-story, 254-unit apartment tower at 447 17th St. was sold by Quarterra Multifamily, a subsidiary of Lennar Group, and financed with a $92.3-million loan from MetLife Real Estate Lending.

    The purchase price represents a 53% discount on the assessed value, which may be attributed to fading property values in the area. The Oakland and Emeryville apartment markets are experiencing difficulties, with multiple complexes being seized by lenders due to delinquent or failing loans.

    Recent examples include a 206-unit tower at 1700 Webster St. taken back by its lender on August 28, 2024, and The Logan complex foreclosed upon in November 2024. Bayview, an Emeryville apartment complex, was seized through a deed in lieu of foreclosure procedure in September 2024.

    Three Steps Properties is active in the East Bay real estate market, owning several apartment complexes in Oakland and Richmond.