Oakland apartment hub taken over by lender after foreclosure

OAKLAND — A new apartment complex in Oakland that was developed as a live-work residential hub was seized by its lender after a loan failure that exemplifies the frail state of the city’s apartment market.

The 102-unit residential property at 1919 Market St. in West Oakland is now owned by an affiliate of Parkview Financial REIT, documents filed on Jan. 7 with the Alameda County Recorder’s Office show.

Parkview Financial paid $37.5 million to take ownership of the complex, a Jan. 7 trustee’s deed shows. The unpaid debt at the time of the formal foreclosure was $58.5 million, according to the trustee’s deed.

The property went through an involved process before ultimately landing in the hands of its lender. An affiliate of the project’s developer, oWow, lost ownership of the property through the foreclosure.

In 2019, Parkview Financial provided $32 million in construction financing for the project. The loan was modified in 2020.

Parkview Financial filed a deed in lieu of foreclosure in June 2025. The lender then followed up with a notice of default in August 2025. A December 2025 notice of the proposed foreclosure sale followed.

The apartment complex is a “live/work affordable rental project” that is an “adaptive reuse” of a former Greyhound bus terminal, Parkview Financial stated in a web post.

The foreclosure is a fresh example of setbacks for Oakland’s apartment market, which has been struggling in recent years. Loan foreclosures and property purchases at deep discounts to prior values have haunted the sector.