Ivanhoé Cambridge, a real estate company operating under Caisse de dépôt et placement du Québec, one of Canada’s institutional fund managers, has entered a partnership with Veritas Investments, Inc. (Veritas). Through the partnership, Ivanhoé will acquire nine properties in San Francisco, California.

Combined, the properties represent an investment of nearly $50 million U.S. The partnership with Veritas will also provide Ivanhoé with future investment opportunities within the city of San Francisco.

“The multiresidential market in San Francisco being highly fragmented, we are convinced that Veritas, with its deep market knowledge, will help us build a critical mass of assets in some of the city’s key districts,” says Sylvain Fortier, Executive Vice President of Residential, Hotels and Real Estate Investment Funds at Ivanhoé Cambridge.

Inititally, Ivanhoé’s expanded portfolio will include 159 residential units in nine properties throughout the city. The neighbourhoods include Lower Nob Hill, Noe Valley, Inner Mission, Alamo Square, Duboce Triangle, Westwood Park, Mission Dolores and Cow Hollow.

Within San Francisco, the current vacancy rate is low, suggesting long-term demand for the multi-family rental market.