PITTSBURG, CA—Atlanta-based multifamily brokerage firm ARA, has completed the sale of Los Prados, a 242-unit apartment complex located in Pittsburg. The property, built in 1985, is conveniently located near the Pittsburg/Bay Point BART station and Highway 4, which leads to regional employment centers throughout the Bay Area. Waterton Associates sold the property to McDowell Properties for $32,500,000, $134,298 per unit and $157 per square foot.

Rents at recently renovated properties in the immediate competitive set have consistently achieved measurable premiums over non-renovated units at Los Prados, lending strong support for the implementation of renovations by the new owner. The much higher rents being achieved in Walnut Creek and Concord, further support this strategy, ARA says.  Los Prados was 93% occupied at the time of sale.

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