CENTERTON, AR - Block Funds, a real estate equity firm, and Block Multifamily Group (BMG), a national multifamily management services company, announced today their acquisition of two multifamily properties in Northwest Arkansas. BMG will perform all property management services for Stoneleigh Centerton, located in Centerton, Ark., and Stadium at The Park, located in Fayetteville, Ark. BMG Now owns and manages 1,016 apartment units in the Northwest Arkansas market.
“The Northwest Arkansas multi-family occupancy levels are some of the strongest in the nation,” said Ken Block, managing principal of Block Real Estate Services. “Now having four assets in the market will allow us to increase operating efficiency and better capitalize on this growing market.”
Stoneleigh Centerton, built in 2007, consists of one and two bedroom units ranging in size from 597 square feet to 1,073 square feet. Centerton has outstanding schools and benefits from its proximity to both Bentonville and Rogers.
Stadium at The Park, built in 2006, offers one-bedroom units at 750 square feet, and two-bedroom units at 960 square feet. The property is located on the University of Arkansas bus line and is adjacent to Baum Stadium, home of the Razorback’s exceptional baseball team. The property will be enhanced with interior and exterior upgrades to capitalize on demand for student housing that is outpacing supply for university students.
Block Funds is a leading real estate private equity firm with more than $1 billion in commercial property under management. Block Funds allows long-term, accredited investors seeking income, capital preservation and appreciation an opportunity to earn high, stable cash yields and competitive risk-adjusted returns with low correlations to other asset classes through investment in institutional quality commercial real estate. The Block Funds team has a combined 200 years of commercial real estate experience and has been involved in over $2.5 billion in real estate transactions. Block Funds investment professionals manage four private equity funds and hundreds of syndicated partnerships, leveraging Block Real Estate Services’ national network of relationships to source exclusive transactions with exceptional returns.
Block Multifamily Group (BMG) provides multifamily management services in a wide geographic area. Our de-centralized management, coupled with a centralized financial center, enables our staff to provide proactive property management services in a timely manner. Effectively managing our clients' needs is the focal point of our operating philosophy. Covering conventionally-financed multifamily assets as well as HUD-insured and Low Income Housing Tax Credit (LIHTC) properties, BMG is able to provide services for a wide client base. With the addition of Stoneleigh Centerton and Stadium at The Park, BMG's portfolio now totals 7,000 units.
BMG and Block Funds are a division of Block Real Estate Services (BRES), is a full-service commercial real estate company managing over 33 million square feet of retail, office, industrial, and multifamily properties for equity partnerships and third party owners. BRES’s portfolio of services continues its role as the most comprehensive commercial real estate firm in Kansas City by providing and specializing in: real estate brokerage services, tenant representation, investment services, asset and property management, economic incentives consultation, financial services, and construction and development services.