Developer of controversial Lakewood apartments near Belmar Park buys adjacent property

Controversial Apartment Developer Kairoi Residential Acquires 4.1-Acre Property in Lakewood

San Antonio-based apartment developer, Kairoi Residential, recently purchased a 4.1-acre suburban office complex at 777 Wadsworth Blvd. in Lakewood for $4.5 million. The property, located next to Kairoi’s previous controversial 411-unit project along Belmar Park, has raised concerns among local residents.

Despite the acquisition, Kairoi has not disclosed its plans for the new property. The deal translates to $25 per square foot for the land, which currently features three 1970s office buildings and ample surface parking.

Lakewood spokeswoman, Stacie Oulton, confirmed that there have been no filings indicating the intended use of the property. The previous owner, Tedford Commercial Real Estate, did not provide any comments on the sale. Tedford had acquired the property in 2003 for $5.4 million.

The adjacent office complex at 777 S. Yarrow St. was demolished by Kairoi for its previous apartment project, which faced significant opposition from the community. Concerns were raised about the impact of the project on Belmar Park and its wildlife.

The contentious development issue led to a series of legal battles, including a ballot measure initiated by citizens to protect green space, a lawsuit from Kairoi, an injunction against a new statute, and subsequent actions by the Lakewood City Council to address the situation.

Despite facing challenges, Kairoi’s project eventually received approval from the Lakewood Planning Commission in May. However, ongoing disputes over financial obligations to the city delayed the project’s progress.

Following the recent purchase, Kairoi’s new property is not directly adjacent to Belmar Park, providing a separate development opportunity for the company.

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