S.F. Bay Area apartments face condo conversion

Buyer swoops in, plans upgrades

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Skyline Hills, a 299-unit rental community in an Oakland Hills, Calif., canyon view setting, has been sold to a Southern California-based condominium converter for a price of $81 million. Skyline Hills Apartments LLC sold the property to Shadow Woods LLC, a partnership led by Statewide Acquisition Corp. The property features 37 residential buildings on 29 tree-studded acres adjacent to the Leona Canyon Preserve, part of the East Bay Regional Park District. The community features one- and two-bedroom floor plans, with up to 1,316 square feet of living space. Upgraded kitchens will include slab granite countertops and a stainless steel appliance package. Initial pricing is expected to start in the $350,000's, in contrast to the $470,000 median price of homes in Oakland, according to a press statement. Skyline Hills was built in 1986 as rental condominiums. A condo-mapped apartment property can be converted to ownership housing, if allowed by city ordinance, and sold as individual ...