Core Insights - Kairoi Residential has acquired a prominent corner in LoHi for $39 million, planning to develop a 5-story, 429-unit apartment complex [2][3] - The purchase price was $231 per square foot for the 4 acres of land, which includes the site of the closed Residence Inn by Marriott hotel [2] - The estimated construction cost for the new apartment complex is projected at $65.6 million [2] Company Details - Kairoi Residential is based in San Antonio, Texas, and has previously developed six other projects in the local area, including Westminster and RiNo [4] - The company has recently closed on a development site in Lakewood, indicating ongoing expansion efforts [4] Market Context - The LoHi area is experiencing significant demand for apartment construction, with nearby projects including a 189-unit development by Carmel Partners and a 282-unit project by a new Aspen-based firm [5]