San Francisco-based Belveron Partners, an investment firm focused on workforce housing preservation, has acquired Rochester-based affordable housing builder and owner, Conifer Realty, bringing more than 15,000 units and 190 properties across New York and New Jersey under Belveron’s ownership.
The acquisition is the latest move by Belveron to establish an East Coast presence following the addition of 1,275 affordable units in the Bronx and 384 affordable and market-rate units in Brooklyn to its portfolio earlier this year.
It will also inject fresh capital into Coinfer, which has been building affordable housing for the past 45 years, and give the pioneering firm an edge in an increasing competitive industry.
“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 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 Joan Hoover, President and CEO of Conifer.
All told, the closing encompasses more than 500 employees, nearly 30,000 residents, 194 properties, 15,340 homes, 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 Paul Odland, Louis A. Harrison, who spearheaded the investment for Belveron, Tim Fournier as Chairman, and Ryan Fuson, Managing Director of Redwood Housing.
Belveron and Redwood are frequent partners, having closed on multiple properties as recently as earlier this year in New Jersey and Washington DC.
Belveron is headquartered in San Francisco with offices in Massachusetts, New Jersey, and New York.
Conifer Realty, LLC owns and manages more than 15,300 multifamily units representing 228 apartment communities in New York, New Jersey, Pennsylvania and Maryland.
In addition, the Company consistently maintains a pipeline of over 30 unique projects in various stages of the development process.
Redwood Housing is an impact developer which has acquired and developed more than 20,000 units of affordable housing across 14 states.