Veritas Investments dates back nearly 20 years, with the firm having grown out of the initial success of property investments made by Founder and Chief Executive Officer Yat-Pang Au.
Mr. Au is a San Francisco Bay Area native and self-starter who, as a youngster, fixed coin-operated laundry machines to help the family business. He acquired his first investment property in 1996 and then built Veritas from the ground up by following a straightforward strategy: acquire classic properties, make upgrades to improve the resident experience and property values, and work within the community as a good neighbor who values the past, while looking to forge a better future.
Here's how Veritas has grown from Mr. Au's first apartment building in Silicon Valley to become one of the largest apartment owner/operators in the San Francisco Bay Area.
Major Company Milestones
Yat-Pang Au acquires his first real estate asset: seven units in a condominium complex in Silicon Valley.
Au acquires his first multifamily property in San Francisco – a three-story building with seven apartment units in the City's Mission District.
Veritas Investments is formed to manage real estate investments on behalf of institutional and individual investors, focusing primarily on apartment properties in San Francisco.
SF GoGreen, a wholly owned subsidiary of Veritas, completes construction of its first solar panel project atop a three-story apartment building that it owns in the City's Mission District.
Today, Veritas is one of the largest providers of solar energy on multifamily buildings in the city of San Francisco.
Veritas forms its first strategic joint venture, Veritas Investment Fund I, with $175 million in equity from an institutional capital partner that has nearly $30 billion in total assets.
Veritas signs its first lease with Zipcar, eventually becoming Zipcar's largest provider in San Francisco.
Veritas acquires 70 apartment properties in San Francisco through four separate portfolio transactions.
Veritas forms a property management affiliate, GreenTree Property Management, and an apartment leasing affiliate, RentSFNow.
Veritas Investments Fund II is formed with the $75 million in equity.
Veritas acquires apartment properties in the counties of San Francisco, San Mateo and Marin.
Veritas forms a programmatic joint venture with an international investment firm and subsequently acquires several buildings, for a total worth several hundred million dollars.
Veritas completes the largest portfolio financing in the history of San Francisco, worth $685 million.
Veritas creates a separate account joint venture with a foreign pension fund, one of the largest investment managers in the world.
The Veritas Investments portfolio value approaches $2 billion.
Completes the largest portfolio financing in the history of San Francisco to date, worth $815 million.