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Tuesday, February 17, 2015
392-UNIT MULTIFAMILY PROPERTY AQUIRED IN JV WITH BBC & BMG

  

MALVERN, PA --- February 17, 2015 --- 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 (phannan@bbcgrp.com), Bill Larson, president of BMG, and Grant Reves, principal of Block Funds (greves@blockfunds.com).

“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.”

About Balfour Beatty Communities
Balfour Beatty Communities, LLC is a diversified real estate services company delivering development, design, financing, construction, renovation, property and facilities management services in the multifamily, student and military housing sectors. A leader in the industry, Balfour Beatty Communities has more than 44,000 residential units and $5.5 billion in real estate assets under management and has developed or renovated more than 27,000 units with a total value of close to $4 billion. Headquartered outside Philadelphia, PA, Balfour Beatty Communities has more than 1,100 employees and is a subsidiary of Balfour Beatty Investments, Inc.

Balfour Beatty Investments is part of Balfour Beatty plc, a UK-based international infrastructure group operating in construction services, professional services, support services and infrastructure investments.

About Block Multifamily Group
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.

BMG is 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, construction and development services, and the Block Funds.

For more information contact:

Holly Costello, CPM, CPO
Vice President, Multifamily Operations
Balfour Beatty Communities
904-573-7990
hcostello@bbcgrp.com

Bill Larson, CPM
President
Block Multifamily Group
913.387.1113
blarson@blockmultifamily.com

Kenneth G. Block, SIOR, CCIM 
Managing Principal
Block Real Estate Services
816.932.5551
kblock@blockllc.com

Tags:    Kenneth G. Block   Grant Reves   Bill Larson   Commercial Real Estate   Commercial Real Estate Kansas City   Commercial real estate investments