Belveron Partners Acquires 148-unit Multifamily Portfolio In Santa Barbara & Midway City For $60.25M

Belveron Partners, a major affordable housing owner, has expanded into Southern California with the acquisition of two Section 8 housing developments for over $60 million. The properties, Presidio Park Apartments in Santa Barbara and Pacific Terrace Apartments in Orange County, have been purchased for a total sum of $60,250,000.

Summary of transation details

• Property Type: Multifamily
• Transaction Amount: $60,250,000
• Units: 148
• Price Per Unit: $407,095
• Buyer: Belveron Partners - Paul Odland

The Presidio Park Apartments in Santa Barbara, located at 420 East De La Guerra Street, and the Pacific Terrace Apartments in Orange County have both been acquired by Belveron Partners. Renovations are planned for both properties, and the Section 8 contracts for these developments will be extended for an additional 20 years.