Veritas Investments, a San Francisco-based real estate company, has recently listed a portfolio of 23 buildings with 762 rent-controlled apartments for sale. The properties are being marketed by Eastdil Secured.
Dubbed the “San Francisco Neighborhood Collection,” these buildings are located in popular areas such as Alamo Square, Russian Hill, Mission, Nob Hill, Tenderloin,Noe Valley and Lower Haight. According to reports from the San Francisco Chronicle , this is the third portfolio that Veritas has had to sell off in the past year.
In November of last year Prado Group took over several troubled loans associated with 20 Veritas buildings. More recently,a partnership between Brookfield Properties and Ballast Investments acquired mortgages tied to approximately75 additional Veritas properties.
Board of Supervisors President Aaron Peskin predicts that more institutional owners will be forced to sell their housing portfolios due to current market conditions. In response,Peskin introduced legislation last month aimed at amending the city’s Community Opportunityto Purchase Act which was passed in 2019.This law gives nonprofits first dibs on purchasing multifamily properties that are up for sale.
This latest development from Veritas highlights an ongoing trend within SanFrancisco’s real estate market and serves as another example of how challenging it can be for property owners during uncertain times.The post announcing this news on Connect CRE emphasizes how important it isfor investors and developers alike stay informed about changes happening withinthe industry.
