SAN FRANCISCO, CA – Belveron Partners, a privately held investment firm focused on housing preservation, and Conifer Realty, one of the largest affordable developers, owners and property managers in the country, announced their closings. Belveron's investment is one of several changes in control of Conifer's 45-year history. Most recently founding member Richard Crossed appointed Timothy D. Fournier as President and CEO in 2012.
This moment is the successful culmination of Conifer's deliberate work to ensure the continuity and growth of the company. The acquisition required assistance from more than four dozen federal, state and local government agencies and 70 general, limited, and nonprofit partners. The reputation of both companies in the industry paved the way and positioned Conifer for continued market leadership.
"Completing an investment of this magnitude and complexity in the midst of a global pandemic presented us with new challenges. We are delighted that this has been completed as we believe this investment strategy represents the future of maintaining affordable housing," said Paul Odland. Founder of Belveron Partners. "Forward-looking companies like Conifer know that equity and ingenuity are essential to ensure that both the company and the homes they build are protected, enhanced, and available to low and middle income families for decades."
"Belveron Partners' investment will position Conifer in a unique place in our industry and invest in our growth and culture, which will have an even greater positive impact on the communities we serve," added Joan Hoover, President and CEO of, add conifer.
In total, the deal includes more than 500 employees, almost 30,000 residents, 194 properties, 15,340 apartments and 12 new construction projects in various development phases. Hoover's role as President has also been expanded to include the CEO and Board member, to whom she also reports. The board includes Paul Odland, Louis A. Harrison, who led the investment for Belveron, Tim Fournier, chairman, and Ryan Fuson, managing director of Redwood Housing.
Belveron and Redwood are frequent partners, having closed several properties in New Jersey and Washington DC earlier this year.
Belveron Partners is committed to affordable housing through a variety of investments. Earlier this month, Belveron celebrated the preservation of Mercantile Wharf, a longstanding haven for low- and middle-income families in Boston's historic North End. The mixed-income community faced the prospect of conversion to condominium or sale until Belveron and its partners signed a new Section 8 contract for residents there, resulting in long-term protection and rent reduction for many households.