I can't speak for Paradise Villas, but am happy to recommend Belizean Reef Suites. Ken, the manager/owner is very friendly, helpful, and runs a tight ship. The condos are immaculate, and I believe that is commonly one of the compliments you will find that are paid to Belizean Reef. As for location, both places are what I would consider at the edge of town, and I certainly had no problem walking to where I wanted to go in town.
It doesn't have much of a beach if you wanted to lay out (i.e., not like, say, Belizean Shores or Captain Morgan's)--it has just enough for a few chairs and hammocks. Of course, no pool, either, but my wife and I didn't miss that. Ken owned the condos, then sold the individual units off to private owners and manages them all. Apparently, his style of management and competence do something for the value of the places, because two 1br condos in Belizean Reef recently sold for around $225,000 or so each.