Residential tower at 725 Market St., one of three highrises that are part of the City Towers housing complex in West Oakland, seen in February 2025. (Google Maps)
OAKLAND — The affordability status of hundreds of low-income units at City Towers in West Oakland will most likely remain after a deal was completed recently to acquire the properties.
Through an affiliate, Rainbow Housing Assistance Corp. bought the complex for $35.2 million, documents filed on Aug. 4 with the Alameda County Recorder’s Office show.
The Arizona-based real estate firm is a nonprofit that buys, revamps, and preserves affordable housing nationwide. In the Bay Area, the firm owns a combined 953 units in San Jose, Hayward, Antioch, Pittsburg, Hercules, Rohnert Park and Napa.
City Towers, at 1055 and 1065 Eighth St. and 725 Market St., consists of 231 apartments contained within three 12-story high-rises. Each tower has 77 units.
The seller in the deal was an affiliate of Irvine-based Affordable Housing Access, which bought the complex in 2004 and later spent $4.5 million on renovations.