Details of the Deal:
Location: Rogers, Arkansas
Size: 392 - Class A Units
Transaction Amount: undisclosed
Property Management Company: Block Multifamily Group (BMG)
More information on the deal:
The 392-unit multifamily property acquired in joint venture with Balfour Beatty Communities and Block Multifamily Group, (BMG). Balfour Beatty Communities, a leading provider of property management, development and related real estate services for the multifamily, military, and student housing markets, and Block Multifamily Group (BMG), a national multifamily management services company, announced today their acquisition of Ranch at Pinnacle Point, a 392-unit multifamily community in Rogers, Arkansas. As part of the joint venture, Balfour Beatty Communities will deliver comprehensive asset management services and Block Multifamily will perform all property management services.
Ranch at Pinnacle Point consists of one, two and three bedroom units that range from 650 to 1350 square feet. The apartment homes boast walk-in closets, washer/dryer connections, fireplaces, a balcony, deck or patio, and garage parking. Community amenities include a pool, fitness center, billiards room, movie theatre, business center, clubhouse, dog park, and a sand volleyball court.
As part of a relationship established in 2013, Balfour Beatty Communities and Block Multifamily Group are jointly pursuing multifamily property acquisition and management opportunities in select geographies across the US. The two multifamily leaders are looking to grow this joint portfolio by more than 12,000 units over the next three years, an effort being directed by Paul Hannan, vice president of business development for Balfour Beatty Communities, Bill Larson, President of BMG, and Grant Reves, Block Funds.
For more information on commercial real estate investments contact:
Block Real Estate Services