CLK Properties buy multifamily property In Jonesboro, AK

April 26, 2022 - National News

Jonesboro, AK CLK Properties, a New York-based owner and manager of valued real estate assets throughout the United States, has acquired a master planned multifamily community for an undisclosed price. It marks their second acquisition in Jonesboro in the last six months.

The Class B+ property, called Willow Creek and located at 6 Willow Creek Ln. was built in 2011 by the seller Braxton Development, a real estate development and holding company based in Bozeman, MT. The 310,000 s/f property consists of 10 three-story buildings, totaling of 324 units with luxurious finishes and modern layouts. The development features two resort style pools, playground, outside parking, two modern fitness centers and a clubhouse/business center.

Rosewood Realty Group's Aaron Jungreis and David Wildes represented both the buyer and the seller in the transaction. The purchase price represents an in-place 4.5% cap rate (pre-tax adjusted). 

"We are thrilled to add Willow Creek to our portfolio," said Craig Koenigsberg, the founder and CEO of CLK Properties. "This asset is a premier apartment community in the market located directly in the path of growth in Jonesboro. We are excited to plant another CLK flag in this market and expand our presence within the region."  

CLK owns over 19,000 units, including 2,300 units 70 miles from Jonesboro in Memphis, TN where the company's operational headquarters is based. The company was founded on Long Island in 1980 by father and son, Maynard and Craig Koenigsberg.

Willow Creek is located in South Jonesboro, in close proximity to Arkansas State University, St. Bernards Medical Center and the NEA Baptist Memorial Hospital which provide a strong employment base.

"The deal made sense for both parties as Braxton Development had plans to sell the property in the spring of 2022, but were comfortable transacting sooner after being introduced to CLK Properties," said Jungreis. "CLK proved to be the best buyer for this asset given their familiarity with the market and their ability to achieve economies of scale through their existing Jonesboro portfolio."

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