CLK, a Long Island based commercial real estate investment firm with a national portfolio, has acquired a 201-unit multifamily development of 20 buildings in Mobile, Alabama for $15.8 million in an off-market deal.
The “Park Apartments” property, at 1 Country Lane, on 11.5 acres, features two story buildings, a pool, fitness center, playground and picnic area. The property is within three miles of the Mobile Regional Airport and the University of Southern Alabama. It was built in 1975. The price per door was $78,600 per unit.
Rosewood Realty Group’s Aaron Jungreis and David Wildes represented both CLK ‘s owner Craig Koenigsberg and the seller, the Lakewood, NJ’s Walden Asset Group’s president Steven Schorr. In addition to “The Park,” CLK owns three other assets in the Mobile market that combined, total over 1,400 units.
“CLK was able to expand their existing portfolio in the market with this acquisition, and can leverage their local team in Mobile to achieve efficiencies of scale with this deal,” said Wildes, who said CLK plans to renovate the property and raise rents at the property, which is currently 95% + occupied.
