71-unit apartment complex at 2425 Valdez Street in downtown Oakland. (RentCafe)
OAKLAND — The Nook on Valdez, a “micro apartments” complex in downtown Oakland, was seized through a foreclosure by its lender due to a failed loan, documents filed on Aug. 4 with the Alameda County Recorder’s Office show.
The 71-unit apartment hub at 2425 Valdez St. in the Uptown district was developed by an affiliate of Trestle Investment. The real estate firm opened the complex in 2016.
Opus Bank provided the affiliate with $13 million in financing for the property in 2020. The loan went into default in 2024.
Floor plans for units in the complex range in size from about 190 square feet to 255 square feet.
“The Nook features smart and affordably priced micro apartments,” the property states on its website.
The apartment hub’s amenities include “a fully-appointed roof deck, bike storage, communal kitchens on each floor in addition to kitchenettes in each apartment, package lockers, and community room with on-site mini bodega,” The Nook website states.
A growing number of apartment buildings in Oakland have encountered severe financial difficulties, resulting in fading values, loan delinquencies and even foreclosures.