Conifer Realty has made several key moves to position the company for the future. Industry and company veteran Joan Hoover was promoted to president in 2019. The Rochester, N.Y.–based firm also approved an ongoing investment in the company from Belveron Partners, a move that will diversify the ownership and set Conifer up for growth.
The pending investment, expected to close in April, is seen as the final piece of Conifer leader Tim Fournier’s long-term strategic plan. He remains as chairman and CEO and will focus on expanding the company into new markets and portfolio acquisitions.
“We had a plan that involved three important components—thoughtful succession planning; continuity of the Conifer brand, company, and mission; along with growth,” Fournier says.
He wanted to find the right partner in the affordable housing industry who shared similar values but did not duplicate Conifer’s core skills as a developer, contractor, and property manager. Belveron, a San Francisco–based real estate investment company focused on affordable and workforce housing, checked all those boxes.
In Fournier’s overall plan, equity was the last component. However, Belveron’s entry is significant.Conifer, with more than 15,300 affordable housing units, has made its mark in the Northeast, while Belveron and its affiliates own more than 200 properties with approximately 30,000 units in 32 states. As a result, Belveron brings new relationships and geographic reach to the table in addition to equity.
Officials say the amount of Belveron’s investment will be fluid and will change as opportunities come up. The firm has operated largely under the radar, but the Conifer partnership and several other recent transactions have raised its profile.
Paul Odland, founder and managing partner of Belveron, points out that his firm is not just purely a private investment company. Although not a ground-up developer, it has a diverse history and toolkit in affordable housing, including participating in syndicated partnerships and preservation deals. It’s been much closer to the real estate and communities than traditional equity firms. The investment in Conifer is another step for his firm.
“We really like the team there, and we like how they’ve been good stewards in the industry and are well respected,” Odland says, citing Conifer’s strong leadership and development teams.Hoover’s promotion is another key move. Since joining the firm in 2007, she has been responsible for multiple functions, including financing, acquisition and dispositions, and, most recently, she has led a multidisciplinary team of development, finance, legal, and human resources associates.
