Chicago & Midwest + Midwest + Apartments | May 5, 2022

New York-based CLK Properties has acquired its second Jonesboro, AR apartment property in six months, in a deal arranged by Rosewood Realty

NY Investor Makes Second Jonesboro, AR Acquisition

CLK Properties, a New York-based owner and manager, has acquired a master planned multifamily community in Jonesboro, AR for an undisclosed price. It marks CLK’s second acquisition in Jonesboro in the past 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, based in Bozeman, MT. The 310,000-square-foot property consists of 10 three-story buildings totaling 324 units.

Rosewood Realty Group’s Aaron Jungreis and David Wildes represented both the buyer and the seller. The purchase price represents an in-place 4.5% cap rate.

“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.

Rosewood also represented both CLK and the seller in the firm’s previous Jonesboro acquisition, The Landing at Greensborough Village.

Connect

Inside The Story

CLK PropertiesRosewood Realty Group

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).