Belveron Partners, a privately held investment firm focused on housing preservation, has closed on a deal that gives it controlling interest in Conifer Realty, one of the nation’s largest affordable housing companies.
Belveron’s investment marks one of several changes in control over Conifer’s 45-year history, the latest being when founding member Richard Crossed named Timothy D. Fournier as president and CEO in 2012.
The firms had announced earlier that Belveron would be making an investment in Rochester, New York-based Conifer.
The acquisition required support from more than four dozen federal, state, and local agencies, plus 70 general, limited, and nonprofit partners.
“Closing an investment of this magnitude and complexity in the midst of a global pandemic presented new challenges. We are glad to have it concluded as we believe this investment strategy represents the future of affordable housing preservation,” said Paul Odland, founder of San Francisco-based Belveron Partners. “Forward-looking firms like Conifer know equity and acumen are essential to ensure both the company and the housing they have built is protected, improved, and available to serve low- and middle-income families for decades to come.”
“Belveron Partners’ investment will position Conifer in a unique place in our industry, able to make investments in our growth and our culture, resulting in an even stronger, positive impact on the communities we serve,” added Hoover, president and CEO of Conifer.
All told, the closing encompasses more than 500 employees, 194 properties, 15,340 homes housing nearly 30,000 residents, and 12 new construction projects in various phases of development.
Hoover’s role as president has also been expanded to CEO and member of the board, to which she also reports. The board includes Odland; Louis A. Harrison, who spearheaded the investment for Belveron; Fournier as chairman; and Ryan Fuson, managing director of Redwood Housing.
Belveron and Redwood Housing are frequent partners, having closed on multiple properties as recently as earlier this year in New Jersey and Washington, D.C.
Belveron and its affiliates provide affordable rental homes in 32 states, with ownership in more than 300 properties and over 30,000 units.
Conifer is a full-service real estate company specializing in the development, construction, management, and ownership of affordable housing. It owns and manages more than 15,300 multifamily units representing 228 apartment communities in Maryland, New Jersey, New York, and Pennsylvania. It consistently maintains a pipeline of over 30 unique projects in various stages of the development process.
