Making Inroads into Memphis, CLK Properties Buys 118-Unit Pinnacle Apartments for $3.8M
- Apr 18, 2014
New York real estate firm CLK Properties has picked up yet another Memphis apartment, hot on the heels of its March purchase of Georgian Woods.
According to the Memphis Business Journal, CLK’s newest acquisition, the 118-unit The Pinnacle Apartments in Midtown Memphis, was purchased through affiliate Pinnacle Apartments Property Owner LLC from Bellevue Tower II LLC for $3.8 million. The Illinois-based seller was represented by CBRE’s Memphis Multifamily Division. According to The Memphis Daily News, the new owner filed a $3.4 million deed of trust through JPMorgan Chase Bank NA.
According to The Memphis Daily News, the 305 South Bellevue Boulevard apartment tower comprises 84 one-bedroom and 34 two-bedroom units. According to The Pinnacle Apartments’ website, units range between 640 and 1,006 square feet and rent at rates between $635 and $760 per month. Community amenities include gated and covered parking, swimming pool, fitness center, a laundry facility and extra storage. All units feature balconies and appliances.
The Pinnacle Apartments is CLK’s second Memphis apartment community acquisition in 2014. The Woodbury, N.Y.-based firm picked up Georgian Woods Apartments in mid-March.
“There are great things happening in Midtown Memphis, including significant economic redevelopment (…) We look forward to continued growth in the area,” CLK Properties CEO Craig Koenigsberg commented at the time. According to the Memphis Business Journal, CLK dropped $3.85 million for the 100-unit Georgian Woods, after paying $49.2 million for the 972-unit Country Squire Apartments and $9 million for the 357-unit Sycamore Lake Apartments in 2013.
With the acquisition of The Pinnacle Apartments, CLK now owns seven apartment communities in metro Memphis and a total of 12 in Tennessee.
Images via The Pinnacle Apartments and CLK Properties