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.

The post CLK Spends $16M to Acquire Fourth Apartment Community in Mobile appeared first on Connect CRE.

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