Belveron Partners closes USD280m fund to acquire and preserve affordable workforce housing
Belveron Partners, an affordable housing and preservation-focused investment group, has closed its sixth real estate investment fund at USD280 million, exceeding its initial target of USD225 million.
In line with the firm’s investment approach, the fund aims to acquire and preserve upwards of 5,000 units of affordable and workforce housing over the next three years, targeting urban and suburban areas in the Northeast, Mid-Atlantic, and Southwest.
Since its founding in 2006, Belveron has raised more than USD930 million from institutional investors and currently owns more than 30,000 units nationwide.
“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,” says 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 organisations are doing to address the nation’s affordable housing crisis,” says 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.”