The property is located near downtown Atlanta, offering residents convenient access to major employers, vibrant city life, and entertainment options
AUSTELL, GEORGIA – 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.”
As part of Kairos’ impact strategy, the firm will deploy ESG programs which will help conserve water and further the company’s sustainability efforts and social programs which are tailored to the needs of the residents.
Walton Crossing offers an appealing mix of one-, two-, and three-bedroom units, to which the firm plans to install washers and dryers for tenants’ convenience. The majority of the units are income and rent restricted to 60% of the area's median income, which aligns with the firm’s mission to make affordable housing more accessible and positively impact residents’ quality of life.
The apartment community also offers desirable interior amenities, such as fireplaces, extra storage space and a balcony or patio area, in addition to walk-in closets, energy-efficient kitchen appliances, and air conditioning units. Common area amenities are composed of a community pool, private fitness center, spacious playground, tennis & sport court, gazebo, and an adventure center with a kitchen, classrooms, and community space. The adventure center also offers a bonus amenity of a complimentary after-school enrichment programs for children of residents.
“Walton Crossing is a valuable cash-flowing asset in our portfolio, as its proximity to major medical centers and large-scale employers in a rapidly growing city positions it for stable long-term growth,” says Jonathan Needell, President and CIO of Kairos.
Walton Crossing is located at 1820 Mulkey Road in Austell, Georgia 30106.