Prado Group Acquires 245-Unit REO Portfolio

SAN FRANCISCO-The locally based Prado Group has acquired a 245-unit REO portfolio of apartments from lender UBS in a joint venture with Angelo Gordon & Co. Managing director Stephen Pugh of Alain Pinel, who marketed the portfolio along with senior director Mark Bonn, tells GlobeSt.com that the Prado Group JV submitted the winning bid among 17 prospective buyers.

The specific sales price was not disclosed, but Pugh says that the four-building portfolio, which was on the market at an asking price of $34 million, closed at a price approximately 10% below the asking. He says that Prado won the deal not just on price but also because the Pinel brokers and the seller felt that the local company understands both the market and the San Francisco rent control regulations that govern the units.