Koenigsberg-Coolidge JV Spends $101M on Multifamily Portfolio

NEW YORK CITY-Craig Koenigsberg’s CLK Management Corp. has closed on the acquisition of six garden apartment communities in joint venture with Houlihan-Parnes/iCap Realty Advisors subsidiary Coolidge Equities Ltd. in a $101-million deal.

The properties are located in Kentucky, Missouri, Kansas, Tennessee and Louisiana and were purchased from partnerships managed by Archon Group of Irving, TX. Kevin Geiger and Malcolm McComb, both senior vice presidents in CB Richard Ellis’ Atlanta office, represented the seller. Bank of America provided the financing.

The deal pares down a far larger multifamily portfolio that Archon is in the process of selling. “It’s a $600-million portfolio that we took to market during first quarter on behalf of Archon,” McComb tells GlobeSt.com. He noted that the CLK-Coolidge partnership “is one of the more significant buyers, although there will be multiple buyers.”