A. Description of Advisory Firm
Belveron Real Estate Partners, LLC is a Delaware limited liability company formed in 2006. Belveron is
headquartered in San Francisco, California.
Belveron provides investment advice regarding niche real estate investments, specifically
workforce/affordable housing where rents are largely guaranteed by the US government. Belveron provides
discretionary investment advisory services to pooled private investment vehicles (the “Funds”).
Belveron has also created special purpose entities, typically structured as parallel funds or joint ventures,
formed to enable one or more third parties to invest alongside a Fund on either a project-based or
programmatic basis (the “Co-Investment Entities” and, together with the Funds, the “Advisory Clients).
Co-investment opportunities may be offered to investors in the Funds or to outside third parties.
Each Advisory Client is governed by an operating agreement, limited partnership agreement, joint venture
agreement, private placement memorandum or other applicable offering document (the “Governing
Documents”).
Affiliates of Belveron typically serve as the general partners or managing members of the Advisory Clients
(the “Affiliated General Partners”).
The principal owner of Belveron is Paul Odland who owns his interest indirectly through a trust.
B. Types of Advisory Services
Belveron offers real estate investment advisory and management services. Belveron’s investment strategy
primarily includes pursuing investments in workforce and affordable
housing properties, partnerships, and
operating companies including operating companies that own, operate, and/or manage affordable or
workforce housing. The investments are privately negotiated with sellers, which include, but are not limited
to, limited partners, general partners, and existing fee simple owners. Additionally, Belveron may partner
with developers or other strategic capital sources to make investments. These investments may be
structured as a direct investment, joint venture, common or preferred equity or debt. If the investment is a
controlling position as opposed to a limited partner acquisition, Belveron typically engages an unaffiliated
third-party manager or partner to oversee the daily operations at the property level but maintains control
over significant decisions.
Please see Item 8 for a description of Belveron’s investment strategies and their associated risks.
C. Client Objectives and Restrictions
Belveron does not tailor its advisory services to the individual needs of underlying investors in the Advisory
Clients.
The investment advice Belveron provides to Advisory Clients is determined by the investment objectives,
strategies and restrictions set forth in the Governing Documents.
D. Wrap-Fee Programs
Not applicable. Belveron does not participate in wrap fee programs.
E. Assets Under Management
As of December 31, 2023, Belveron manages $1,117,434,394 of Advisory Client assets on a discretionary
basis. Belveron does not currently manage any assets on a non-discretionary basis.