Strategy

• Formerly used as student housing for the UOP School of Dentistry
• Prado was able to win a competitive bid process by working with land use counsel to determine that the building was not subject to rent control

Execution

• The concrete building was completely renovated and converted into luxury apartments including the addition of four newly-developed units on the ground floor with private outdoor terraces
• Additional amenities added included a redesigned all-glass entry, new lobby, mailroom, community room, fitness center, bike storage and repair, remote work center with WiFi, and outdoor garden

Results

• Prado crystalized its promote interest upon stabilization in 2014
• Property was partially sold and partially traded to a University in exchange for residual fee interest in a ground lease property

Awards

• 2014 PCBC Gold Nugget Merit Award for Renovated Project