Veritas Acquires 42-Unit Apartment Building in San Francisco for $33.1MM

By Kate Snyder

Veritas Investments, Inc., continues to expand its holdings in the Bay Area with the recent acquisition of a 42-unit apartment building for $33.1 million, or approximately $788,095 per unit, according to public information. The buyer was listed as an entity affiliated with the firm, and the seller was an entity affiliated with Polk & Green Investments LP. The sale was recorded in early October.

Located at 2242 Polk St. in San Francisco’s Russian Hill neighborhood, the property is a four-story building that was built in 1913, according to public records. It sits on an almost half-acre lot, and per Trulia.com, consists of studio and one-bedroom apartments. The property is near attractions such as the George Sterling Park, the Great Meadow Park at Fort Mason and the San Francisco Cable Car Museum. 

Russian Hill is an upscale residential community known for the famously crooked Lombard Street and the iconic San Francisco cable cars that crest the neighborhood’s hills, which provide views of the City’s many landmarks, including the Golden Gate and Bay bridges.

Based in San Francisco, Veritas is a technology-enabled real estate investment and management company that specializes in operating mixed-use multifamily properties in major West Coast markets, according to the firm’s website. The company was founded in 2007 and since then has acquired more than 320 buildings and 7,500 apartments across the Bay Area and Los Angeles metro areas.

“Our buildings are classic, iconic landmarks in irreplaceable neighborhoods located in some of the most desirable submarkets on the West Coast,” the firm’s website states. “Our rapid growth and tech-enabled management provide a proven formula for success in operating small- to medium-size multifamily assets at scale.”

Veritas is no stranger to the Russian Hill district. In January, the company purchased a 36-unit apartment building in the same neighborhood, according to previous reporting from The Registry. That multifamily community is located at 2355 Leavenworth Street and was sold by Fixes Family Enterprises for $18.9 million, or about $525,000 per unit.

In September, Veritas purchased an 18-unit apartment building in San Francisco’s Marina District. The property was sold to Veritas by an entity affiliated with Ho Properties Corporation for $13.3 million, or roughly $738,888 per unit. That 1940s-era building is located at 3839 Divisadero St. and consists of 18 one-bedroom units.

West Coast Commercial Real Estate News