Overview
VILA, LLC (the “Adviser”) is a real estate investment management firm. Currently, VILA advises
two pooled investment vehicles that acquire, hold, and operate multifamily residential real estate and
mixed-use real estate (i.e., real estate with residential, commercial, and in some cases office spaces)
in joint-venture structures (each, a “Venture” and together, “Ventures”). The Adviser’s current focus
is on properties in the Los Angeles metropolitan area, but it may expand its activities to other
geographic areas in the future. Some Ventures may, as an incidental matter, invest in or hold real
estate related securities, such as indebtedness secured by real estate or interests in real estate, and
may invest cash awaiting investment or distribution in income-producing securities.
The Adviser is a California limited liability company, formed in December 2019. It is wholly-owned
by Veritas Group, Inc. (“VGI”), which is, in turn, owned by Yat-Pang Au. VGI also owns certain
companies that provide property management services, construction management services, leasing
and marketing services related to real estate, and other non-investment services (together, “Real
Estate Services”). Some of those companies will provide Real Estate Services
to the Ventures. VGI
also owns Veritas Investments, Inc. (“VII”), which provides real estate investment management
services to certain entities that invest exclusively in real estate.
The advice provided by the Adviser to each Venture is tailored to meet the investment objectives and
restrictions of that Venture, which have a specific geographic focus and investment strategy. The
Adviser has discretion to make real estate investments that satisfy criteria agreed-upon at the
inception of the Venture, to cause the Venture to leverage its holdings within agreed-upon limits, and
to dispose of properties. Venture agreements contain provisions granting “lead” investors a voice in
the timing and nature of dispositions of assets. Those agreements also require the Adviser to invest,
or cause affiliates or other investment vehicles to invest, a specified minimum percentage of capital
of a Venture alongside the lead investor (a “Sponsor Investment”).
Additionally, the Adviser provides real estate advisory services to affiliates of VILA that do not
involve any advice relating to securities.
As of December 31, 2023, the Adviser managed Regulatory Assets Under Management of
approximately US $342.4 million on a discretionary basis.