KIMC Buys Vegas Affordable Asset for $41M
The community last traded for a fraction of its current value Multi-Housing News November 19, 2021 Kairos Investment Management...
March 17, 2022
Kairos Investment Management Company (KIMC), a firm that focuses on value-based real estate investments with favorable risk/reward characteristics, has acquired Walton Crossing, a 238-unit affordable multifamily community in the Atlanta metropolitan area of Austell, Georgia. Kairos purchased the property from the seller, an affordable housing developer located in the same area, for $34.6 million.
“We have seen the demand for high-quality, affordable housing outpace available supply throughout the country, especially in markets that attract renters due to job availability and lifestyle,” says Carl Chang, CEO and Founder of Kairos. “As a company that actively takes a proactive approach to asset management, our team is adept at identifying properties that can benefit from our value-add strategy and enhance the lifestyle of present and future renters.”
Built in 1990, Walton Crossing is nestled in the desirable Austell submarket of Atlanta and situated on 20.07 acres. Located approximately 15 miles from downtown Atlanta, the multifamily community is well within a 35-minute drive from the historic city which offers residents a myriad of employment opportunities and well-known attractions.
“We find the location of this property compelling for our firm as we target stable cash-flowing properties in strong secondary markets that offer low vacancy rates and above average population growth while being conveniently situated near major employers,” adds Chang. “Walton Crossing aligns perfectly with Kairos’ impact strategy for affordable housing communities near urban areas like downtown Atlanta, which are predicted to see a growth in the multifamily, retail, office, and restaurant sectors in 2022.”
* 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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