Ivanhoe, Veritas Starts JV With $50M Buy

SAN FRANCISCO—Montreal-based Ivanhoé Cambridge in a partnership with locally based Veritas Investments Inc. plans to acquire multiresidential 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 $50 million.

This new partnership provides access to numerous investment opportunities with a high potential for value creation in various neighborhoods in the heart of San Francisco. “The multiresidential 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,” says Sylvain Fortier, EVP of 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.”