Veritas Investments, a real estate firm currently facing financial challenges for its California properties, recently purchased two residential buildings in Seattle for a total of $18 million. The seller was Mayfield Investment Company.
According to the Puget Sound Business Journal, Veritas’ latest acquisitions are located at 305 and 311 Bellevue Ave. E in Capitol Hill and mark the third and fourth properties acquired by the company in this region. This purchase comes amidst difficulties with loans on Veritas-managed properties in Los Angeles.
Brookfield Properties and Ballast Investments secured a loan of $410 million from Apollo Global Management Inc., earlier this month to acquire debt associated with these apartments.
The mid-rise New Carroll Apartments and Capitol Hill Park Apartments offer one- and two-bedroom units, totaling 33 apartments at New Carroll and 25 at Capitol Hill Park. Headquartered in San Francisco, Veritas is an expert technology-driven real estate investment firm that also manages properties.
This recent acquisition by Veritas showcases their continued growth strategy as they expand into new markets outside of California’s challenging market conditions.
