Size: 23 properties (2 separate portfolios)
Use: Multifamily (w/ retail)
Neighborhood: San Francisco
Before
After
Strategy
Two multifamily portfolios comprising 913 total units, the portfolios spanned 23 properties across 10 neighborhoods, representing an unprecedented opportunity to invest in a diverse cross-section of San Francisco multifamily properties
Prado and its partners were able to purchase two apartment portfolios off-market directly from special servicers in two separate transactions
Execution
Employed value-add strategies, including unit renovations and unit conversions, which increased cash flow and made the apartments more competitive with newer construction
Activated the ground floor retail spaces in many of the properties, creating additional amenities for residents
Results
Prado successfully recapitalized both portfolios with a university endowment in 2016