San Francisco’s The Oak Condos to Undergo Conversion into Rental Units
San Francisco, California: The Oak is a condo complex that has been vacant for the last three years. The owner of the building Zhang Li, founder of the Z&L Properties is still facing legal troubles over corruption charges.
Now, investor Steven Hong is giving Oak a shot that will transform the condos into rental apartments.
The condo complex owner was arrested on the charges of bribing a former city official. This bribing had raised concerns over the building’s safety and legal status.
The Oak, located at 1554 Market Street, was advertised “Now Selling” board but no buyer was interested in purchasing the property which is facing legal troubles.
Hong took advantage of a chance to purchase the $80 million construction loan associated with the property through his business Oak SF LLC. He is now in a position to turn the condos into rental properties thanks to this calculated move.
New tech innovations such as AI, will boost the jobs in the area, thus creating more demand for housing. This condo complex will be right there whenever anyone is searching for a rental property.
Hong believes that the housing market in San Francisco is tech-driven and the coming times will boost the San Francisco housing market.
The Planning Department is optimistic about the change after being dissatisfied with the previous developer’s inability to achieve occupancy.
