Mar 7, 2019, 3:55pm EST
Block Real Estate Services LLC, along with two partners, has sold Ranch at Pinnacle Point, a Northwest Arkansas apartment complex, for $48 million.
Illinois-based Inland Residential Real Estate Services bought the 392-apartment complex in Rogers, paying roughly $132,000 per apartment. Pennsylvania-based Balfour Beatty Communities LLC and New York-based Advalurem Group were BRES’ partners.
The property was built in 2007 and is about four miles from Walmart’s corporate headquarters. It includes 17 buildings and luxury amenities.
The group acquired the property in 2015 and made interior and exterior upgrades before selling it.
Block Real Estate Services is one of the largest developers and brokerages in the Kansas City area. Led by Ken Block, the Kansas City-based company manages about 42.33 million square feet in Kansas City alone.
Block's projects in the market include the $450 million CityPlace development in Overland Park. The company is also active on the Country Club Plaza, including the $90 million 47Madison apartments and $93 million 46 Penn Centre office tower.