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PCCP has acquired a 1,770-unit Bay Area portfolio from Veritas and Ivanhoé Cambridge in a $540.5 million deal, according to The Registry. Wells Fargo and Deutsche Bank issued a $430 million acquisition loan, public records show.

This marked the largest Bay Area multifamily deal of the year so far, as reported by San Francisco Business Times. The collection includes 76 properties averaging 23 units each.