Veritas Puts Rent-Controlled Portfolio Up for Sale

San Francisco-based Veritas Investments has listed a 23-building portfolio spanning 762 rent-controlled apartments, the San Francisco Chronicle reported Tuesday. Eastdil Secured is marketing the properties on Veritas’ behalf.

Described as the “San Francisco Neighborhood Collection,” the buildings are located in the Alamo Square, Russian Hill, Mission, Nob Hill, Tenderloin, Noe Valley and Lower Haight areas, reported the Chronicle. It’s the third portfolio the company has had to give up over the past year.

Prado Group took over more than half a dozen troubled loans backed by 20 Veritas buildings last November. More recently, a partnership between Brookfield Properties and Ballast Investments acquired mortgages tied to about 75 more Veritas buildings.  

The Chronicle reported that Board of Supervisors President Aaron Peskin has said he anticipates more institutional owners walking away from housing portfolios given the current climate. He announced legislation last month to amend the city’s Community Opportunity to Purchase Act, a law passed in 2019 giving nonprofits the right of first offer on multifamily properties for sale.

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