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Noble Tower Apts. Trade for $19M

OAKLAND, CA-The 195-unit apartment tower on the Lake Merritt waterfront is acquired by a joint venture of The Related Companies of California and the East Bay Asian Local Development Corporation.

By Brian K. Miller | Updated on April 07, 2003

OAKLAND, CA-The 195-unit Noble Tower Apartments on Lake Merritt in Oakland has been sold for just over $19 million. The new owners of 1515 Lakeside Dr. are The Related Companies of California and the East Bay Asian Local Development Corporation.

One of the largest and most well located affordable housing properties in the San Francisco Bay Area, the property features all one bedroom apartments and is home to senior and handicapped residents exclusively. The acquisition preserves the property’s affordability status for 90 years. A $3-million upgrade is planned.

The Related Companies of California, based in Irvine, is an affiliate of The Related Companies Inc. of New York. The company and its affiliates are one of the country’s largest syndicators and developers of affordable multifamily housing under the Low Income Housing Tax Credit program.

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