Ora Apartments in Oakland Hit Market After Foreclosure

An Oakland apartment building that fell into foreclosure is now for sale.

The Ora apartments, a 74-unit building at 1815 Alice Street, is searching for a buyer, joining a list of multifamily properties that have been seized by lenders in recent years, the San Francisco Business Times reported. Pricing guidance for the property is not yet clear, according to the Business Times.

Ora, delivered in 2019, was one of more than 10 new multifamily buildings constructed during an apartment boom in Oakland that brought more than 10,000 new units to the city in five years. Vaughn Management bought the property in 2021 for $41 million, betting on continued momentum in Oakland’s rental market just as the pandemic hollowed out demand.

The city’s rapid growth of new apartments eventually collided with weakening tenant demand.

Newer projects were hit hardest, particularly those that were financed with short-term construction debt. Refinancing became increasingly difficult as rents softened and valuations fell.

Prime Finance ultimately foreclosed on Ora in late 2024, taking control of the building through a $25 million trustee’s sale, according to Alameda County records cited by the Business Times. Ownership was transferred to an affiliate tied to the San Francisco-based lender and law firm Polsinelli.

Marketing materials from JLL frame the listing as an opportunity to buy below replacement cost, which JLL estimates at roughly $700,000 per unit for comparable podium construction. The property’s assessed value was $26 million last summer, while recent Oakland apartment trades have ranged between $200,000 and $400,000 per unit.

Last month, lender CWCapital seized two apartment complexes in downtown Oakland, taking control of Telegraph Arts at 471 26th Street and The Moran at 570 21st Street after defaulting on $52.3 million of loans issued in 2020. The lender acquired Telegraph Arts for $31.1 million, nearly 50 percent below its January 2025 assessed value of $61.9 million, while The Moran sold for $20.3 million, about 53 percent below its most recent valuation.

— Chris Malone Méndez