OAKLAND — Eight apartment buildings in Oakland have been bought for more than $60 million in a deal that suggests values for multifamily residential properties in the East Bay’s largest city are plunging.
The Oakland apartment buildings involved in the deal were bought for a combined $62.8 million and are all located in the vicinity of Lake Merritt and Interstate 580, documents filed on April 29 with the Alameda County Recorder’s Office show.
The deal also shows that apartment values in Oakland continue to drift lower as more multifamily residential properties are haunted by falling prices, loan defaults and even foreclosures.
Together, the eight apartment complexes offer a combined 337 rental units. One complex is as small as five units, while another contains 88 residences, according to the Apartments.com and RentCafe websites…