Downtown Oakland just saw a brand‑new apartment building change hands for about $8.1 million, and that number is turning heads. The mixed‑use property at 316 12th Street, a five‑story infill project with 27 apartments over ground‑floor retail, sits only a few blocks from the 12th Street BART station. The sale lands well below what many would expect for a recently completed multifamily project and adds to the sense that parts of the East Bay market are still under pressure as investors and lenders reset their expectations.
Sale and buyer details
According to the San Francisco Business Times, the property was sold today for $8.1 million to an entity affiliated with WSB Properties. The outlet characterized the deal as a sizeable markdown compared with earlier notions of what the asset might fetch, underscoring how far pricing has slid for some downtown multifamily product.
What the building is
City records and the developer’s own materials describe the project as a five‑story, mass‑timber retrofit totaling roughly 35,700 square feet. The conversion tucked 27 residential units behind…..