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Ivanhoe, Veritas Add to San Francisco Portfolio With $200M Apt. Buy

Acquisition Totals Roughly 450 Units In High-Rent, Supply Constrained San Francisco Market
January 20, 2016
Ivanhoé Cambridge and partner Veritas Investments have added to their San Francisco multifamily portfolio, acquiring 16 apartment buildings totaling about 450 units from The Carlyle Group for about $200 million.

Ivanhoé Cambridge, the real estate arm of one of Canada's leading institutional fund managers, the Caisse de dépôt et placement du Québec, and San Francisco-based Veritas, one of the Bay Area's largest multifamily and urban retail operators, have now acquired 45 properties in San Francisco since forming their partnership in 2014.

The 45 properties, many with ground-floor retail, average about 30 residential units each and are scattered across such neighborhoods and districts as Russian Hill, Nob Hill, Noe Valley and the Sunset District.

"The 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," Yat-Pang Au, founder and CEO of Veritas, said in a statement.

San Francisco is one of the tightest apartment markets in the nation with a 2.7% vacancy rate and nearly 7% annual rent growth as of third-quarter 2015, according to CoStar Portfolio Strategy.

Please see CoStar COMPs #3480255 for more on the transaction.
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