Oakland waterfront apartment complex is foreclosed after loan failure

OAKLAND Portico Waterfront in Oakland s Brooklyn Basin neighborhood is now owned by an affiliate of Essex Property Trust, which gained control of the housing property on Oct. 7 through a speedy foreclosure proceeding, Alameda County files show. Cityview, the original developer of the 378-unit apartment complex that sits on a scenic stretch of the Oakland waterfront, lost ownership of the property. The transaction placed a value of $70.4 million on the apartment hub, documents filed on Oct. 7 with the Alameda County Recorder s Office show. That s 58.1% below the assessed value of $168.2 million for the property, as per a January estimate produced by Alameda County. San Mateo-based Essex Property Trust put itself in position to foreclose on the loan by purchasing the financing instrument from original lender Bank OZK, county documents show. Loan delinquencies and foreclosures have jolted a growing number of apartment properties in Oakland, primarily downtown. The series of financial se