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 homes. The new owners have renamed the community Shadow Woods and have launched a marketing campaign.

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