William R. Lindsay Of PCCP Acquires 76 Property Multifamily Portfolio From Veritas And Ivanhoé Cambridge For $540.5M

PCCP acquired a 1,770-unit, 76-property multifamily portfolio across the Bay Area. The portfolio has an acquisition cost of $540.5 million, with significant addresses including 257 Vernon St. and 1600 Third Ave. in Oakland, as well as 4475 23rd St., 1950 Franklin St., and 630 Grand View Ave. in San Francisco. The average price per unit stands at $305,367.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $540,500,000
• Buyer: William R. Lindsay - PCCP
• Seller: Yat-Pang Au - Veritas; Nathalie Palladitcheff - Ivanhoé Cambridge
• Lender: Wells Fargo & Deutsche Bank
• Units: 1,770
• Notable addresses include multifamily assets trading at steep discounts.

William R. Lindsay represents PCCP in the acquisition, while Yat-Pang Au and Nathalie Palladitcheff represent Veritas and Ivanhoé Cambridge, respectively. A notable aspect of the financing includes a $430 million acquisition loan facilitated by Wells Fargo and Deutsche Bank for this extensive portfolio.