Brookfield Properties has taken the crown of San Francisco’s largest multifamily landlord from Veritas.

At a public foreclosure auction held across the street from City Hall on Thursday, Brookfield was the winning, and only, bidder for two Veritas apartment portfolios.

Brookfield bid $386.25M for 62 San Francisco apartment buildings encompassing 1,743 units and $77.25M for a second portfolio encompassing 422 units in 14 buildings.

Ben Brown, Brookfield’s head of real estate for the Americas, declared in a statement that Brookfield’s successful acquisition of the Veritas portfolios represents a vote of confidence in San Francisco.

“While some have counted the city out, we have been investing for a long time and have seen San Francisco emerge from every down cycle stronger than before,” Brown said, adding that the acquisition was “a unique opportunity to own one of the only multifamily portfolios of scale in San Francisco offered in the last decade.”

 

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