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Another successful year comes to a close for CLK Properties, and we couldn’t be more grateful! In 2022, our targeted growth continued with the acquisition of four multifamily communities, totaling 933 units in three states, growing our footprint in each. Our renovation teams were also very active, successfully executing several value-add strategies by fully renovating 1,485 apartments throughout our portfolio.
But that’s not all – CLK is well positioned going into 2023 with a portfolio-wide stabilized occupancy rate of 94% and a leased trend of 94%. CLK Multifamily Management LLC leveraged investments in training and technology to fully capitalize on favorable market conditions, resulting in an impressive 8% YoY rent growth in 2022. This was achieved through a 5% increase in renewals and a staggering 12% new lease trade out, all while maintaining a strong retention rate of 59%. Our strong retention rate reflects the value CLK places on customer service and resident satisfaction.
We are very excited for what’s to come in 2023! Going into the new year, we are focused on (i) expanding our portfolio in our existing markets and into new markets which have the economic drivers for sustained growth; and (ii) seeking operational efficiencies and rent growth in our existing deals to deliver the best possible returns for our partners. CLK Properties has the resources and market knowledge to make this possible. We wish everyone a happy and healthy new year and look forward to a successful and productive year ahead!