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Dive Brief:
An affiliate of Union Labor Life Insurance Co. sold the 206-unit Zo apartment tower in Oakland, California, to Three Steps Properties for $78 million last month, according to SiliconValley.com.
Union Labor Life Insurance Co. took control of the 24-story tower in August 2024 when the unpaid debt on the property was $89.3 million, according to SiliconValley.com, citing Alameda County property documents.
Gerding Edlen developed the tower, but lost ownership through a deed-in-lieu of foreclosure proceeding, according to SiliconValley.com. When the Portland, Oregon-based developer completed the property in 2019, it had been the first tower to break ground in downtown Oakland since 2008.