Author: veritasinv

San Francisco-based Veritas Investments, one of the largest managers of apartment homes in San Francisco, announced today it is voluntarily extending to Dec. 31, 2021 a moratorium on evictions to assist residents facing financial hardship caused by the COVID-19 pandemic. State and local moratoriums are currently set to expire June 30, 2021.

“Veritas is committed to keeping residents safely housed during this unprecedented crisis,” said Jeff Jerden, Veritas’ COO. “No resident in any Veritas-managed property will be evicted because they owe back-rent due to COVID-19 if they meet the definition of financial hardship laid out in the state’s SB 91 legislation. We’ve heard from our residents and the upcoming end to the state’s eviction moratorium coupled with the slow release of rent-relief funds is of great concern to them. Through face-to-face discussions, as well as thorough and repeated outreach with our Veritas residents, we’ve urged everyone to apply.”

Veritas had announced in March 2020 that it was instituting the nation’s first eviction moratorium, prior to legislation by the City of San Francisco that later brought all landlords and property managers under similar guidance.

With the since-instituted local and state moratoria set to expire this June 30, Veritas has been urging residents to be proactive in applying for rent relief that they are entitled to, even as local and state officials have recognized a disconnect in getting financial relief to recipients.

As reported by the Associated Press, “California has been slow to distribute funds,” having received $490 million in rental aid requests through May 31, with only $32 million paid out. Just over 2% of people in California who have applied for rent relief during the pandemic have received it, whereas the state has accrued $5.2 billion from federal aid packages to assist those whose COVID-19 related economic hardships prevented them from paying rent. “It should be enough to get the job done,” Jason Elliott, senior counselor to Gov. Gavin Newsom, told AP. “The move would fulfill a promise to landlords to help them to break even, while giving renters relief,” according to AP.

Veritas has already provided millions of dollars in rent-relief support for its residents to date, working with those that ask for assistance as well as contacting them directly.

“We will also continue to support San Francisco residents through the wide variety of programs that Veritas currently participates in or has initiated itself, including its Open Doors Program that provides temporary, furnished apartments at no cost to victims of domestic violence, wildfire survivors and cancer patients; the Home Bridge Program that helps families find relief during times of crisis, emergency or unforeseen circumstances through partnerships with Ronald McDonald House Charities and UCSF; and through our partnerships with Project Open Hand, HealthRight 360, Self-Help for the Elderly, and other programs,” added Jerden.

San Francisco Multi-family Mixed-use Real Estate Firm Manages Over $3.5 Billion in Assets

SAN FRANCISCO (Jan. 7 , 2021) – San Francisco-based Veritas Investments announced today it has promoted Justin Sato to President of the firm, reflecting the ongoing growth of one of California’s premier managers of multi-family and mixed-use retail real estate. Privately held Veritas manages assets in excess of $3.5 billion including more than 6,000 apartments and commercial retail space, primarily in the San Francisco Bay Area and Los Angeles.

Sato previously served as Chief Strategy and Portfolio Officer and before that was Chief Operating Officer. He joined Veritas in 2012 as Chief Financial Officer. Sato has two decades of experience in both privately held real estate companies and publicly traded real estate investment trusts.

“Justin has been instrumental to Veritas’ growth for more than eight years, and most recently has led execution on a number of portfolio and investment initiatives while enhancing resiliency of the organization during these turbulent times,” said CEO Yat-Pang Au.

In addition to overseeing the Portfolio Management and Capital Markets teams, Sato will now also be overseeing the Investment Group while continuing to be an architect of Veritas’ growth strategy in partnership with CEO Au and the executive team.

About Veritas Investments

San Francisco-based Veritas, founded in 2007, is one of the largest managers of multifamily, urban retail and mixed-use properties in California. Veritas oversees assets in excess of $3.5 billion including more than 6,000 apartments and commercial retail space. Vertically integrated, the firm provides property management, leasing, project management, redevelopment, accounting, asset management, financing, and investment management services. For further information visit www.veritasinvestments.com.

Star time! Three GreenTree staff were honored with awards from the San Francisco Apartment Association this month for “rising above the chaos,” as COO Jeff Jerden put it, “continuing to provide our residents with the exemplary service they deserve.” Congratulations on being named 2020 SFAA Stars:

Wanda Brown, Resident Manager for 2128 Van Ness, has built a remarkable sense of community there. In addition to maintaining an immaculate building, Wanda warmly welcomes every guest with festive seasonal décor and hosts regular resident appreciation events. And when a resident unfortunately tested positive for COVID-19, Wanda personally delivered medicine and homecooked meals to their front door daily, for the 14-day self-quarantine period. Another resident wrote about Wanda: “She has brought us together as neighbors and fostered an environment of friendship and caring. When someone isn’t well, Wanda delivers food and medicine to them. Wanda goes the extra mile to help us feel like a community – and it really has brought the building together as a caring community.”

Greg Goglin, Senior Manager of Building Operations, has gone above and beyond despite the pandemic. During this challenging year, Greg quadrupled the size of GreenTree’s in-house Maintenance Team, with an emphasis on putting the needs of our residents first. Each skilled technician is dedicated to responding to every work order within one business day. When the pandemic hit, Greg went right to work to keep residents safe. He launched one of the largest maintenance projects of 2020, installing hand sanitizer stations and face covering signage in every building throughout the portfolio. In addition to keeping our residents safe while maintaining their homes in good working order, Greg has also worked tirelessly to keep his own team and the rest of GreenTree safe as well.

Esteban Tenjo, Associate Property Manager, is focused, organized and solutions-oriented. His motto is a simple yet revolutionary one, in a world where customer service is dwindling: treat every resident the way you want your mother to be treated. When the easier, tech-based methods of communication don’t seem to effectively resolve an issue, Esteban prefers to meet with the resident face-to-face, at their home (in PPE from a safe distance, of course!). Esteban understands the power of empathy. His secret sauce? Active listening and honesty.