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 the company’s second acquisition in Jonesboro in the last six months.
Located at 6 Willow Creek Lane, Willow Creek was built in 2011 by the seller, Bozeman, Montana-based Braxton Development. The 310,000-square-foot property consists of 10 three-story buildings, totaling 324 units. The development features two resort style pools, playground, outside parking, two 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, 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.”
Willow Creek is located in South Jonesboro, near Arkansas State University, St. Bernard’s Medical Center and the NEA Baptist Memorial Hospital, which provide a strong employment base. Jonesboro is one of the fastest-growing cities in Arkansas, having seen a population increase of over 20% since 2010, the company said.
