SAN FRANCISCO—Mixed-use multi-family andretail investor VeritasInvestments is one of the most active in the San FranciscoBay Area market, and recently concluded one of the largestrefinancings in that city's history. GlobeSt.com recentlycaught up with Veritas CEO Yat-PangAu to talk about current trends and opportunities amid afast maturing investment cycle.
GlobeSt.com: Observers of the current real estatecycle say the nation's top-ten investment markets are gettingoverheated. With San Francisco apartments topping mosteveryone's list in recent years, what's the situationthere?
Yat-Pang Au: As a global city and WestCoast gateway to Asia, San Francisco is always a top 10 investmenttarget, and the rebound from the recession has expanded the pool ofinvestors. Prices have gone up significantly of course, butthat just makes things more interesting for an experienced localfirm like us in finding the right opportunities. The firstround of investors post-recession grabbed incredible discounts;now, as the months pass by, you've seen investors with differentobjectives buying along the yield curve, such as large pensions andsovereign wealth funds with lower, longer-term return targets. Onthe other hand, opportunistic buyers with double-digit yieldobjectives have pretty much left San Francisco and are moving tosecondary and tertiary markets.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
