Kairos Investment Management Company (KIMC), a firm that focuses on value-based real estate investments with favorable risk/reward characteristics, has acquired Forest Manor Apartments, a 103-unit affordable multifamily property in Glendale, Colorado.
“Kairos is constantly looking for markets similar to Glendale, Colorado, 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” says Carl Chang, CEO and Founder of KIMC. “Identifying markets that have experienced significant population growth in the last several years yet have been unable to meet the need for affordable housing, enables us to acquire properties within these areas and improve them and bring them up to market value. This is a win-win for all, as those seeking quality affordable housing can live in such communities while we look to maximize property value.”
Forest Manor is located close to Cherry Creek and downtown Denver, only 40 minutes from the Denver International Airport, and provides convenient access to bus stops along Route 83. It is also in close proximity to the University of Denver and other highly rated schools within the Cherry Creek School District.
In addition, residents enjoy convenient access to outdoor amenities such as museums, historical parks, and a variety of shopping and dining locations, all within walking distance or accessible by nearby public transportation services.
“As the Glendale area has quietly become an up-and-coming city in Colorado, we are pleased to be at the forefront of this emerging market with this latest acquisition,” says Jonathan Needell, President and Chief Investment Officer of KIMC. “The neighborhood offers people the peace and quiet of a small town, while simultaneously giving them access to all that Denver has to offer. With our management strategy implemented, Forest Manor will offer residents quality and budget-friendly apartment homes not far from the bustle of downtown Denver.”
Built in 1974, Forest Manor has successfully held a strong occupancy rate of almost 90%. The property, which was last renovated in 2001, offers residents a mix of a single studio, 74 one-bedroom, and 28 two-bedroom units fully equipped with air conditioning, carpeted floors, and spacious closets. Shared amenities include access to a swimming pool and laundry facilities.
As part of KIMC’s value-add strategy with affordable housing, the company plans to renovate the asset by implementing interior and exterior upgrades aimed at elevating the apartment community’s aesthetics as well as increasing its market value. Planned changes include interior repairs and upgrades to units, new flooring for interior hallways, exterior roof repairs, pool renovation, and common area amenities.
Forest Manor is located at 625 South Forest Street, Glendale, Colorado.