ROGERS, AR - 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.
"The Rogers, Arkansas rental market is proving to be quite strong as a result of regional job and population growth, making this acquisition a perfect fit with our multifamily strategy," said Chris Williams, president of Balfour Beatty Communities. "We are quite pleased to enter this new geographic market for our business and partner with Block Multifamily to deliver a quality, high-performing residential community."
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, principal of Block Funds.
“The joint relationship between Block Multifamily Group and Balfour Beatty Communities provides our investors with a powerhouse management team,” said Bill Larson, president of BMG. “The combined groups will blend aggressive management and marketing strategies along with a world class facilities management team, resulting in what I believe will be a state of the art Property Management Operation. We at BMG, are tremendously proud of our relationship with BBC and we look forward to significant growth in the future.”