OAKLAND — A West Oakland apartment complex was bought for 39% below its assessed value in a deal that suggests the multifamily rental housing market in the East Bay remains on unsteady financial footing.
An affiliate headed up by business executive Daniel Merchant, who is based in Piedmont, paid $18.7 million for The Union, a 110-unit apartment property at 532 Union St. next to Interstate 880 at the corner of Fifth Street and Union Street.
The new ownership group obtained a $13.1 million loan from Citizens Bank.
The seller of the complex was an affiliate whose joint venture partners include New York Life Real Estate Investors and Holliday Development, state and county public documents show.
In 2018, the selling group paid $2.4 million to buy the property and also obtained a $26 million construction loan. Around that time, New York Life Real Estate revealed its decision to invest $18 million in the development. Holliday Development produced The Union, built in 2020, through a modular system of construction.
In January, the complex had an assessed value of $30.8 million, according to the Alameda County Assessor’s Office.
The price offers a fresh indicator that the apartment markets in cities such as Oakland and Berkeley appear to be in a weakened state.
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