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2/02/15
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We’ve learned of a large San Francisco multifamily buy, as Ivanhoé Cambridge and Veritas Investments Inc bought a portfolio of 11 properties in the city for more than $190 mil. This transaction bring to 20 the number of properties owned jointly by the two companies, representing a total of 580 housing units.
These acquisitions are part of an ongoing residential property aggregation strategy in San Francisco via an exclusive partnership created in 2014 between Ivanhoe Cambridge and Veritas, a well-established investment and management company in San Francisco. An initial group of nine properties valued at nearly $50 mil was previously acquired, contributing to the venture’s strategy of building a critical mass in some of the city's key districts.
The acquired properties are located in some of the most favorable neighborhoods in the center of San Francisco, ranging from the traditional exclusive districts of Lower and Upper Nob Hill and Russian Hill to the trend-setting lifestyle neighborhoods of NOPA, Noe Valley and The Mission.
Expansion and relocation by major technology and creative companies continue to draw the interest of large numbers of employees wishing to live in the heart of San Francisco, creating a favorable environment for the multifamily rental market as evidenced by a low vacancy rate and demographic factors that support long-term demand.
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