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CLK Properties is excited to announce the acquisition of Lynnfield Place, a 400-unit apartment community located in Memphis, Tennessee. The acquisition propels CLK to rank as the 4th largest multifamily landlord by unit count in Memphis, and the 8th largest multifamily landlord throughout the Volunteer State.
“We’re thrilled to add Lynnfield Place to our Memphis portfolio,” said Craig Koenigsberg, Founder and CEO of CLK Properties. “CLK’s multifamily division is headquartered in Memphis just 5 minutes from the property. The management division’s leadership team is largely comprised of Memphis natives, and Lynnfield stands to benefit from our operational experience and expertise in this market.”
The property is located within the highly desirable East Memphis submarket in Memphis, TN. Suburban in character, the submarket benefits from its centralized location within the broader metro, close proximity to major employers, transit connectivity, and excellent quality of life amenities. Residents enjoy short commutes to many of the metro’s largest white collar employers including FedEx World Headquarters, FedEx World Tech Center, International Paper, Nike, Accredo, Amazon, Google, and Smith & Nephew as well as several large hospitals.
Other major employment hubs including downtown Memphis and the international airport are easily accessible via I-40, the primary interstate artery that connects the submarket to the broader metro area, located less than 10 minutes north of The Property. Lynnfield benefits from a particularly strong location within the East Memphis submarket, with direct access to Poplar Ave, the submarket’s primary commercial/retail artery. This excellent location will provide our tenants with arms reach access to dozens of national branded retail shop, malls and big box supercenters.
Built in 1973, the 400-unit community offers residents a desirable set of amenities including two swimming pools, a modern clubhouse, fitness room, playground, sport court, billiards room and a picnic area.
Please reach out to [email protected] if you have any questions regarding this transaction or would like to discuss any investment opportunities with us.