BMG, Block Funds Aquire Two Arkansas Communities
The communities are located in an area with some of the strongest occupancy levels in the country.
Centerton, Ark.—Block Funds, a real estate equity firm, and Block Multifamily Group (BMG), have acquired two multifamily properties in northwestern Arkansas. The two are Stoneleigh Centerton, which is in Centerton, and Stadium Place Apartments in Fayetteville.
Stoneleigh Centerton, built in 2007, consists of one- and two- bedroom units ranging from 597 square feet to 1,073 square feet. Centerton benefits from its proximity to both Bentonville (where Walmart is headquartered) and Rogers, according to the buyers.
Stadium Place Apartments, built in 2006, offers one-bedroom units at 750 square feet and two-bedroom units at 960 square feet. The property is on the University of Arkansas bus line and is adjacent to Baum Stadium, home of the Razorbacks baseball team. The new owners will enhance the property with interior and exterior upgrades.
“The northwest Arkansas multifamily occupancy levels are some of the strongest in the nation,” said Ken Block, managing principal of Block Real Estate Services (BMG and Block Funds are divisions of Block Real Estate Services). “Now having assets in the market will allow us to increase operating efficiency and better capitalize on the market.”
BMG will perform all property management services for the apartments going forward. Block Real Estate Services now owns and manages 1,016 units in the Northwest Arkansas market.