Veritas Buys Seattle Apartment Buildings for $18M

An entity affiliated with Veritas Investments, a real estate firm under financial strain for its properties in California, recently bought two residential buildings for $18 million total. The seller was an entity affiliated with Mayfield Investment Company. 

The Capitol Hill properties are located at 305 and 311 Bellevue Ave. E, are the third and fourth buildings that Veritas Investments has acquired in the region, reported the Puget Sound Business Journal. The firm’s acquisition of the buildings comes as it faces challenges for loans on properties managed by Veritas Investments in Los Angeles, California. Earlier this month, Brookfield Properties and Ballast Investments borrowed $410 million from the equity firm Apollo Global Management Inc. for the acquisition of debt linked to the apartments.

The New Carroll and the Capitol Hill Park Apartments are mid-rise buildings that offer both one- and two-bedroom units. The New Carroll contains 33 apartments Capitol Hill Park contains 25 apartments. Based in San Francisco, Veritas is a technology-enabled real estate investment and management company.

Early Bird Registration ends soon; don’t miss hearing the expert take on the state of multifamily and single-family build-to-rent in Phoenix & Scottsdale. Connect Phoenix Multifamily & Single-Family Build-to-Rent is coming up on April 18 at the Westin Kierland Resort & Spa. Register Now!