Oakland apartment transactions hint at weak multifamily market in city

OAKLAND — Two just-completed deals for apartment properties in Oakland point to a frail market for multifamily residential hubs in that municipality, as values continue to falter in the East Bay’s largest city.

One deal involves the purchase of The Amelia apartment complex at 411 29th St. in Oakland’s Pill Hill district at a discount to its prior value. A South Bay investor paid $21 million for the 83-unit Amelia apartments, documents filed on Dec. 2 with the Alameda County Recorder’s Office show.

Separately, ArtHaus Partners and Belay Investment Group teamed to foreclose on a loan in a streamlined fashion that enabled them to gain ownership of nine apartment complexes in Oakland’s Lake Merritt area, according to documents filed on Nov. 25 with the Recorder’s Office. The unpaid debt at t