JONESBORO, AR - 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 in Jonesboro, Arkansas 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 Lane was built in 2011 by the seller Braxton Development, a real estate development and holding company based in Bozeman, Montana. The 310,000 sq. ft. 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 presents 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."
Last December CLK purchased the The Landing at Greensborough Village, a development property with 264-units. Rosewood Realty also represented both CLK and the seller. CLK owns over 19,000 units, including 2,300 units 70 miles from Jonesboro in Memphis, Tennessee 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.
Jonesboro is one of the fastest growing cities in Arkansas, having seen a population increase of over 20% since 2010. It is a rapidly growing hub serving as the economic focal point of NE Arkansas. Jonesboro has a stable and growing economic base anchored by it's sizeable healthcare, higher education and manufacturing sectors. 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."