Belveron Partners, an affordable housing investor and property owner, has taken a step into Southern California’s real estate market with the acquisition of two multifamily properties worth more than $60 million. These investments, Presidio Park Apartments in Santa Barbara and Pacific Terrace Apartments in Midway City, Orange County, reflect Belveron Partners’ interest in growing its affordable housing portfolio by revitalizing existing communities.
Belveron Partners acquired the Presidio Park Apartments at 420 East De La Guerra Street in Santa Barbara for $23 million, or roughly $460,000 per unit. This 50-unit, two-story, garden-style apartment building is a Section 8 housing development that provides affordable housing options for low-income residents in the region, according to a report in the Commercial Observer.
Elias Isaacson, Santa Barbara’s community development director, expressed enthusiasm about the partnership with Belveron Partners. He stated, “The City of Santa Barbara looks forward to partnering with Belveron Partners, the new owner of Presidio Park Apartments, in enabling a substantial renovation with many upgrades to the property, along with ensuring affordability to low-income residents for decades to come.”
In another acquisition, Belveron Partners purchased the Pacific Terrace Apartments at 15000 Pacific Street in Midway City, Orange County, for $37.25 million, or just over $380,000 per unit. This property consists of 98 units specifically designed to cater to seniors.
The Foundation for Affordable Housing, a network of nonprofits dedicated to developing and operating affordable housing communities in California, collaborated with Belveron Partners on this acquisition. Belveron plans to extend the existing Section 8 contracts with the U.S. Department of Housing and Urban Development for an additional 20 years beyond the current term as part of its commitment to ensuring the long-term affordability of these properties.
Belveron Partners is committed to maintaining these communities’ affordability and enhancing the living conditions for its residents. The firm has announced plans to invest $30,000 per unit in renovations for Presidio Park and Pacific Terrace Apartments. This investment will not only improve the quality of life for residents but also contribute to the overall revitalization of these neighborhoods.
In addition to the renovations, Belveron Partners will appoint new property managers for both buildings. This change in management is expected to bring fresh perspectives and strategies to ensure these affordable housing communities’ efficient operation and maintenance.
According to the company’s website, Belveron Partners is a privately owned investment firm that is one of the nation’s largest affordable housing owners. Its portfolio encompasses 30,000 units spanning across 19 states. The company is headquartered in San Francisco and has two additional offices in New York City and Austin, Tex.
