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

Rents at recently renovated properties in the immediatecompetitive set have consistently achieved measurable premiums overnon-renovated units at Los Prados, lending strong support for theimplementation of renovations by the new owner.The much higher rents being achieved in WalnutCreek and Concord, further support thisstrategy, ARA says. Los Prados was 93%occupied at the time of sale.

“We are very pleased to complete the sale of Los Prados. The asset was acquired in an older investment vehicle now indisposition mode and after a longer than anticipated hold period,we are very happy with the execution and outcome of theinvestment,” said Field Stern of WatertonAssociates. Jake Gentling of McDowell Propertiescommented, “We are excited to expand our presence in the Bay Areawith the purchase of Los Prados. This acquisitionis consistent with our strategy to acquire and reposition assets indynamic locations across the country. We plan on spendingadditional capital to improve the property's curb appeal whiletaking advantage of the positive, long-term apartment trends in theEast Bay.”