SAN FRANCISCO — Ivanhoé Cambridge and partner Veritas Investments have acquired 11 multifamily properties in San Francisco for a total of $190 million. These acquisitions are part of Ivanhoé’s ongoing residential property aggregation strategy in San Francisco through the exclusive partnership it created with Veritas in 2014.
Though the addresses were not divulged, Ivanhoé says the 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.”
The partnership now owns 20 properties in San Francisco, for a total of 580 housing units. The initial nine properties the partnership had previously acquired are valued at nearly $50 million.
Ivanhoé cites the demand for space among technology and creative companies as the driving force behind its strategy to snatch up multifamily properties in the city’s favorable neighborhoods.