Affordable housing investor Kairos Investment Management Company is taking a contrarian approach to investment in 2022. As part of that strategy, the firm is targeting two unlikely, San Francisco and Las Vegas, which Jonathan Needell, president and chief investment officer of the firm says fit the company's investment profile.

"We carefully research and consider market conditions to identify areas offering great potential for investment that are often overlooked or disregarded by other investors," Needell tells GlobeSt.com. "Our contrarian approach allows us to identify niche markets where we see growth opportunities, such as supply-constrained markets, markets with below-asking rental rates, or areas where vacancy rates are low but on the road to recovery."

San Francisco and Las Vegas—two cities that aren't normally grouped together—fit that profile, says Needell. "Both of [the cities] have been negatively impacted by the pandemic," he explains.