Kansas City, Missouri—Block Funds acquired a 120-unit Class A multifamily community located in Johnson, Arkansas. The Woods at Johnson Mill is located strategically along Interstate 540 at the northeast corner of the Main Drive intersection. The Woods is 2.6 miles from Tyson Foods, 5.9 miles from The University of Arkansas, 10.7 miles from J.B. Hunt and 20.0 miles from Wal-Mart. The Woods was developed in 2005 and with historical occupancy of 96%.
Block Funds acquired the property via an auction and completed the purchase in only 28 days with a group assembled by Block Funds and led by Ken Block. Block Funds was attracted to The Woods at Johnson Mill due to a great opportunity for value creation, planned capital improvements, and an attractive price per unit.
Block Multifamily Group (BMG) will manage The Woods. 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.
Block Funds and Block Multifamily Group (BMG) will continue seeking properties to purchase.
For further information contact:
Aaron Mesmer Grant Reves
Investment Sales & Acquisitions Investment Sales & Acquisitions
Block Funds Block Funds