January 22, 2016
A joint-venture between Ivanhoé Cambridge and Veritas Investments has reportedly acquired 16 multifamily properties in San Francisco. The $200-million investment is consistent with the firms’ residential property aggregation strategy that began two years ago.
The JV now owns a total of 45 properties, averaging 30 residential housing units per building, typically with ground-floor retail facilities. The properties are located across San Francisco’s “walkable infill neighborhoods,” such as Lower and Upper Nob Hill, Russian Hill, NOPA, Noe Valley, Duboce Triangle, Alamo Square, Mission Dolores and North Panhandle.
Veritas’ founder and CEO Yat-Pang Au says, “San Francisco Bay Area’s ecosystem of technology and innovation companies, its university and education centers, and its quality of life create a strong magnet for today’s mobile workforce, which is ultimately our resident base.”