Ivanhoé Cambridge, the Caisse de dépôt et placement du Québec’s real estate subsidiary, and its partner Veritas Investments have purchased 11 multi-residential properties in San Francisco for more than US$190 million.
These acquisitions are part of an ongoing residential property aggregation strategy by Ivanhoé Cambridge in San Francisco through a partnership created in 2014 with Veritas, an investment and management company in San Francisco.
An initial group of nine properties valued at nearly US$50 million was previously acquired, contributing to the strategy of building a critical mass in some of the city’s key districts.
Read: Caisse goes apartment hunting in San Fran
“We are very pleased with the excellent start to the implementation of our investment strategy with Veritas in San Francisco, reflected in a portfolio of very well-located assets with good value-creation potential,” says Sylvain Fortier, executive vice-president, residential, hotels and real estate investment funds, at Ivanhoé Cambridge. “Veritas is an excellent partner with which we want to grow large-scale critical mass in San Francisco in the mid-term.”
The acquired properties are located in some of the most favourable neighbourhoods in the centre of San Francisco, ranging from the traditional exclusive districts of Lower and Upper Nob Hill and Russian Hill to the trend-setting lifestyle neighbourhoods of NOPA, Noe Valley and The Mission.
Also read: