KIMC Provides $7.25MM Bridge Loan for Mixed-Use Building In San Francisco
The property is located adjacent to the Mid-Market neighborhood, in close proximity to several Fortune 500 companies The Registry...
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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Kairos Investment Management Company is an Equal Opportunity Employer and, as such, does not discriminate in employment on the basis of an applicant or employee’s race, ethnicity, ancestry, national origin, color, sex, pregnancy (or related medical conditions), childbirth, family status, gender, gender identity or gender expression, age, religion, marital status, sexual orientation, disability, medical condition, military or veteran status, reproductive health decision making, or any other protected classification or characteristic under applicable federal, state or local law. Kairos will not discriminate against an applicant or employee who has one or more protected classifications, is perceived or regarded as having one or more protected classifications, or is associated with someone who has one or more protected classifications.
Kairos Investment Management Company will also provide reasonable accommodations to applicants and employees who may need such accommodations in connection with employment with Kairos on the basis of their disability, religion, status as a victim of domestic violence or pregnancy. An applicant who needs an accommodation in order to pursue employment with Kairos should contact Human Resources at HR@KIMC.com to request such accommodations. Kairos will engage in a good faith interactive process with the applicant to explore accommodations that will be effective, reasonable and not create an undue hardship.
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