Kairos Acquires 103-Unit Affordable Property in Glendale, Colorado

Colorado Real Estate Journal

January 13, 2022


GLENDALE – Kairos Investment Management Co. purchased Forest Manor Apartments, the 103-unit affordable housing property at 625 S. Forest St. in Glendale. According to public records, the buyer acquired the asset from Forest Manor LLP for $12.6 million, or $122,330 per unit. Mike Canori and Jeff Kunitz of CBRE brokered the deal. Built in 1974, Forest Manor offers one studio apartment, along with 74 one-bedroom and 28 two-bedroom units. All of the apartments feature air conditioning, carpeted floors and spacious closets. Community amenities include a swimming pool and onsite laundry facilities. The property was 90% occupied at closing. According to KIMC representatives, the property was attractive because of its location and value-add opportunities. “Kairos is constantly looking for markets similar to Glendale, where there is a strong demand for quality and expertly managed affordable housing communities. In these areas, which tend to be less efficient and competitive, we can apply our differentiating management strategies to provide what we believe to be much needed and superior affordable housing,” said Carl Chang, CEO and founder of KIMC. As part of its value-add strategy with affordable housing, KIMC plans to renovate the asset by updating the units, pool and common area spaces. It also will add new flooring to interior hallways and repair the roof.

* The information contained herein is for general, informational purposes only and is not intended to constitute an offer to sell or buy any securities or other assets or promise to undertake or solicit business, and may not be relied upon in connection with any offer or sale of securities or other assets.

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The documents and articles are meant for educational and informational purposes only and should not be considered as investment advice or a recommendation of any type. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. The articles may contain forward-looking statements. These are based upon a number of assumptions concerning future conditions that ultimately may prove to be inaccurate. Such forward-looking statements are subject to risks and uncertainties and may be affected by various factors that may cause actual results to differ materially from those in the forward-looking statements. Any forward-looking statements speak only as of the date they are made and Kairos assumes no duty to and does not undertake to update forward looking statements. The views and opinions expressed are not necessarily those of Kairos and its affiliates.

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