Ivanhoé Cambridge and Veritas Investments have bought 16 multifamily properties in San Francisco for approximately $200m.

The acquisition is the latest in a joint venture created in 2014 to build a large residential portfolio in the city. Last year, it was announed that Ivanhoé and Veritas had acquired 11 properties.

The partners now jointly own a total of 45 properties, averaging 30 residential housing units per building, including many with ground-floor retail facilities. All are located in San Francisco.

Sylvain Fortier, executive vice president and chief investment officer at Ivanhoé Cambridge, said: “Our multifamily platform strategy consists in investing in key cities such as San Francisco.

“Veritas is an outstanding investment and managing partner, which plays a strategic role for us in understanding the market, knowing the long-term trends and identifying the right opportunities.”

Yat-Pang Au, founder and CEO of Veritas, added: “Our investment strategy continues to focus on owning and operating multifamily housing that will be in demand now and in the long term.

”The San Francisco Bay Area’s ecosystem of technology and innovation companies, its university and education centres and its quality of life create a strong magnet for today’s mobile workforce, which is ultimately our resident base.”

Ivanhoé said the “walkable infill neighbourhoods of San Francisco” exhibit “the low vacancy rates and demographic factors that support long-term demand”.