Belveron raises $280M, eyes more affordable housing acquistions

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Affordable housing investor, Belveron Partners has closed
its sixth fund at $280 million.

The money will be targeted at acquiring upwards of 5,000 units of affordable and workforce housing over the next three years in urban and suburban areas in the Northeast, Mid-Atlantic, and Southwest.

PAUL ODLAND

“Affordable and workforce housing has become increasingly
scarce and valuable in our society, but the ongoing COVID-19 pandemic shines a
harsh light on the seriousness of the chasm between supply and demand,” said
Paul T. Odland, Founder, Belveron Partners. “One of our objectives for this
fund is to make sure that existing affordable properties are protected,
improved, and available to serve low- and middle- income families throughout
the county.”

“We’ve shown that private capital can be deployed to help keep
people in their homes and align with the work that government and community
organizations are doing to address the nation’s affordable housing crisis,”
said Josh Plattner, Managing Director and lead for Belveron’s acquisition
strategy based in New York City. “Finding opportunities that are a win-win for
our investors and for communities remains a driving force behind everything we
do.”

The raise tops off a busy year during which Belveron
acquired longtime N.Y.-based affordable owner, developer and manager, Conifer
Realty, bringing more than 15,300 homes, and a dozen new construction projects
under its ownership.

Over the past 18 months, Belveron has also deepened its
bench of investment professionals with development, acquisitions and asset
management expertise in line with the firm’s commitment to the operation,
rehabilitation and upkeep of the communities it serves.

The newest fund exceeded its initial target by 124 percent. Since
its founding in 2006, Belveron has raised more than $930 million from
institutional investors and currently owns more than 30,000 units nationwide.

In January, Belveron announced the acquisition of 1,275 units of affordable housing in the Bronx. The Bronx Park portfolio (pictured top) which spans eight buildings, was constructed in the 1970s under the state’s Mitchell-Lama program and is a prime example of housing that was at risk of being converted to market-rate.

 Along with its joint
venture partners, Belveron has committed to preserving the properties for the
long term as affordable housing and operational improvements have been to
better serve residents.

In June, Belveron partnered with Camber Property Group and
the New York City Department of Housing Preservation (HPD) to acquire a
portfolio of 384 rent stabilized and market-rate homes in Brooklyn. In addition
to preserving the affordability of every unit, the new owners set aside 26
homes for formerly homeless New Yorkers and have been addressing deferred
maintenance, including bringing elevators up to code.

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