Ivanhoé Cambridge, the Caisse de dépôt et placement du Québec’s real estate arm, has created a partnership with Veritas Investments, Inc. to acquire multi-residential properties in San Francisco.
An initial portfolio has been assembled, comprising nine properties already acquired or that are in the process of being acquired, representing a preliminary investment of nearly US$50 million ($54.8 million).
“The multi-residential market in San Francisco being highly fragmented, we are convinced that Veritas, with its deep market knowledge, will help us build a critical mass of assets in some of the city’s key districts,” said Sylvain Fortier, executive vice-president, residential, hotels and real estate investment funds, at Ivanhoé Cambridge. “Veritas has demonstrated the fundamental qualities we were looking for to enter this market; namely, diversified real estate experience, crucial local expertise and a strong commitment to quality assets.”
The initial portfolio consists of 159 residential units in nine buildings located in various central San Francisco neighbourhoods.
The partners say expansion and relocation by major technology companies continue to draw the interest of large numbers of employees wishing to live in the heart of San Francisco, creating a favourable environment for the multi-family rental market.
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