Those who dream of owning a home on the San Francisco Bay have a new option in the form of waterfront condos in Oakland, California, that first hit the market as rentals two years ago.
Some 20% of an apartment complex that came online for lease in 2023 as part of the East Bay region’s largest mixed-use project is now being offered as condominiums for sale. As tenants move out of the rented units, the rest of the project will gradually be converted to condos and put on the market.
The 371-unit Caspian is part of the sweeping Brooklyn Basin development, a $2 billion transformation of 65 acres on Oakland’s old industrial waterfront into a mixed-use neighborhood with homes, shops and parks.
The decision by the project’s master developer, Signature Development Group, to offer the Caspian as condos makes them the first homes being offered for sale as part of the project, which is the largest in the East Bay region.
“We were getting a lot of calls about opportunities for homebuyers, and we had no units to offer,” Signature Founder and President Mike Ghielmetti said. “Oakland has a lot of new multifamily homes that have come on the market in the last few years, but there are very few condos.”
About 80% of the Caspian is currently leased to renters after originally being marketed in 2023 as luxury apartments renting for between $2,000 and $5,300 for studios to three-bedroom units. The remaining 20% will be marketed for sale, but more units may be converted from rental units to for-sale condos as existing residents move out.
Ghielmetti said he aims to create an entry-point to homeownership for would-be buyers who can't afford a new luxury condominium across the bay in San Francisco, one of nation's priciest housing markets. Hundreds of new high-rise condos flooded the city starting in around 2018, including the swanky 20-story One Steuart Lane tower on the Embarcadero waterfront and the Four Seasons Private Residences at 706 Mission St.
The so-called Grand Penthouse condo atop the 181 Fremont tower, billed as "the highest home west of Chicago," is currently listed for $35 million.
The Caspian condos currently range from $349,000 for a junior one-bedroom unit to $799,000 for a two-bedroom.
The complex also features “social rooms” with outdoor lounges, a spa and resort-style cabanas. Inside amenities include a community lounge with a game room and a coworking area, a fitness center with Peloton bikes, bicycle storage and a pet wash station.
Sales are already underway at the Caspian, and prospective buyers are invited to tour six new designer model homes. The developer tapped Polaris Pacific as its exclusive sales and marketing partner to fill the for-sale units.
“Signature’s decision to bring these residences to market for ownership marks an important step in the continued evolution of Brooklyn Basin as Oakland’s premier waterfront neighborhood,” said Polaris Pacific Managing Director Matt Felt. “Caspian represents the East Bay’s best new home value, with starting prices that make homeownership attainable for many first-time buyers.”