SAN FRANCISCO—Ivanhoé Cambridge and its partner Veritas Investments, Inc. have acquired 11 San Francisco multifamily properties for $190 million.

The deal bring to 20 the number of properties owned jointly by Ivanhoé Cambridge and Veritas, representing a total of 580 housing units to date.

The acquired properties are located in some of the most favorable neighborhoods in the center of San Francisco, ranging from the traditional exclusive districts of Lower and Upper Nob Hill and Russian Hill to the trend-setting lifestyle neighborhoods of NOPA, Noe Valley and The Mission.

These acquisitions are part of an ongoing residential property aggregation strategy in San Francisco via an exclusive partnership created in 2014 with Veritas, a well-established investment and management company in San Francisco. An initial group of nine properties valued at nearly $50 million was previously acquired, contributing to the strategy of building a critical mass in some of the city's key districts.

"We are fortunate to have acquired such high-quality assets in one of the world's strongest markets for innovation, business, and quality of life,” said Yat-Pang Au, founder and CEO of Veritas. “We are even more thrilled about teaming up with Ivanhoé Cambridge to create and capture value, as we share common culture and vision."

In announcing the deal, the partners noted that expansion and relocation by major technology and creative companies continue to draw the interest of large numbers of employees wishing to live in the heart of San Francisco, creating a favorable environment for the multifamily rental market as evidenced by a low vacancy rate and demographic factors that support long-term demand.