OAKLAND — Two downtown Oakland apartment complexes, a few blocks from each other, have been foreclosed by a lender over a failed real estate loan that suggests the weakness in the East Bay rental housing market has yet to abate.
The property lender now owns Telegraph Arts, a 97-unit apartment building at 471 26th St., and The Moran, a 78-unit, five-story apartment property at 570 21st St., according to documents filed on April 6 with the Alameda County Recorder’s Office.
The Moran, a 78-unit apartment complex at 570 21st Street in downtown Oakland’s Uptown district, as seen in Feb. 2025. (Google Maps)
The two apartment hubs are in downtown Oakland’s hip and trendy Uptown district.
In April 2025, Telegraph Arts defaulted on a $31.6 million loan, while The Moran defaulted on a $20.7 million loan, county files show. The loans were issued in 2020.
Affiliates controlled by CWCapital were the lenders that foreclosed on the apartment buildings.
Both apartment properties have lost a huge amount of their value, the results of the respective foreclosures show, according to public real estate documents.
The lender paid $31.1 million for the apartment building at 471 26th St., a price that was 49.8% below its assessed value of $61.9 million as calculated in January 2025.
The apartment hub at 570 21st St. was bought by its lender for $20.3 million. That was 52.6% below the most recent estimated assessed value of the residential property.
The Oakland commercial property market is struggling with financial setbacks that have triggered loan failures in some instances. Apartments, hotels and office buildings have flopped into foreclosures.
The setbacks have caused property values to nosedive for numerous sites in Oakland and other parts of the East Bay.