Ivanhoé Cambridge has bought a portfolio of US multifamily properties with Veritas Investments.
The Canadian institution said 11 multifamily properties in San Francisco, California were bought for $190m (€170m).
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, the joint venture said.
The multifamily rental market is thriving, with low vacancy and demographic factors supporting long-term demand.
The new investments take the joint venture’s portfolio to 20 assets consisting of 580 housing units.
The joint venture with San Francisco-based Veritas Investments was agreed last year.
An initial group of nine properties valued at around $50m had been bought to kick-start the partnership.
Sylvain Fortier, executive vice-president of residential, hotels and real estate investment funds at Ivanhoé Cambridge, said the company was looking to grow its “large-scale critical mass in San Francisco in the mid-term”.
