SAN FRANCISCO-The locally based Prado Group has acquired a245-unit REO portfolio of apartments from lender UBS in a jointventure with Angelo Gordon & Co. Managing director Stephen Pughof Alain Pinel, who marketed the portfolio along with seniordirector Mark Bonn, tells GlobeSt.com that the Prado Group JVsubmitted the winning bid among 17 prospective buyers.

The specific sales price was not disclosed, but Pugh says thatthe four-building portfolio, which was on the market at an askingprice of $34 million, closed at a price approximately 10% below theasking. He says that Prado won the deal not just on price but alsobecause the Pinel brokers and the seller felt that the localcompany understands both the market and the San Francisco rentcontrol regulations that govern the units.

The portfolio includes buildings at 825 Post St., 1008 LarkinSt., 750 O’Farrell St. and 72 Gough St. Pugh tells GlobeSt.com thatit generated "a tremendous amount of interest" from a diverse groupof bidders from throughout the US that included private equitygroups, institutional investors and others.