CLK Spends $16M to Acquire Fourth Apartment Community in Mobile
Long Island, NY-based CLK has acquired a 201-unit multifamily development of 20 buildings in Mobile, AL for $15.8 million ($78,600 per unit) in an off-market deal. CLK owns three additional assets in the Mobile market that totals over 1,400 units.
Aaron Jungreis and David Wildes of Rosewood Realty Group represented both the buyer and the seller, Lakewood, NJ-based Walden Asset Group.
“CLK was able to expand its existing portfolio in the market with this acquisition and can leverage its local team in Mobile to achieve efficiencies of scale,” said Wildes.
Park Apartments, on 11.5 acres at 1 Country Lane, features two-story buildings, a pool, fitness center, playground and picnic area. The 1975-constructed property is within three miles of the Mobile Regional Airport and the University of Southern Alabama.
CLK plans to renovate the property and raise rents at the property, which is currently 95% + occupied.
Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group.
When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.
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