Belveron Partners (“Belveron”), a privately held real estate investment management firm focused on the preservation and creation of affordable housing assets, has announced the final close of its seventh fund, Flagship Fund VII (“Fund VII”) with $354 million in capital commitments.
Fund VII welcomes a diverse group of new institutional capital partners as part of its recent vintage, including a sovereign wealth fund, pension fund, university endowment, family offices, and outsourced CIOs (OCIO’s). Since its inception, Belveron has organized seven discretionary funds and a number of joint venture vehicles with aggregate capital commitments of more than $1.2 billion.
Paul Odland, Founder & Managing Partner, said, “We are incredibly grateful for the support of our longtime investors and are pleased to welcome new institutional thought partners to Fund VII. This continued confidence reflects Belveron’s ability to expand its capital base and build on our track record of thoughtful, yield-focused affordable investments in this nuanced segment of the real estate market.”
Jessica Ke, Director of Business Development, said, “We are immensely proud of our steady growth and success to date, which can be attributed to our team’s specialized regulatory acumen alongside private market expertise. This intersection of knowledge is what allows for truly productive public-private partnerships.”
Josh Plattner, Chief Investment Officer, said, “This fund will allow us to create, preserve and revitalize greatly needed affordable housing units and advance solutions to the nation’s long-standing affordability crisis.”
As of September 2024, Fund VII committed approximately $120 million of equity in nine investments across high-growth areas of California and Texas to preserve and create more than 900 affordable rental homes. Fund VII’s predecessor fund, Fund VI, held its final closing in late 2020 with $280 million of equity and has been fully committed into a portfolio of 22 investments.
Over the past three years, Belveron has focused on deepening its bench of institutional-caliber talent. This includes the hiring of Vladimir Shlafman as Chief Financial Officer in 2022 and adding to its asset management capabilities under Bianca Vanin, Head of Asset Management.
Founded in 2006, Belveron Partners is a privately held real estate investment management firm focused on the preservation and creation of affordable housing assets. Belveron seeks to achieve value-add returns by implementing creative business strategies refined through decades of experience in this nuanced segment of the real estate market. In direct-owned and majority-controlled entities, Belveron has over 30,000 high-impact affordable homes in a portfolio that spans 14 states and the District of Columbia. Belveron has offices in San Francisco, New York and Austin.
