Ranch at Pinnacle Point Sold For $41.1 Million
by February 18, 2015 9:30 am 655 views
A strong rental market in Benton County has attracted a sizable investment from a pair of out-of-state real estate companies.
A joint venture between Balfour Beatty Communities of Pennsylvania and Block Multifamily Group of Missouri has purchased the Ranch at Pinnacle Point development in Rogers for $41.1 million. The property is just west of Village on the Creeks off Stoney Brook Road.
“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,” Chris Williams, president of Balfour Beatty Communities, said in a news release. “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.”
Bill Larson, president of Block Multifamily, said occupancy of the property is 97 percent.
As part of the joint venture, Balfour will deliver comprehensive asset management services and Block will perform all property management services.
Hayman Woods LLC of Dallas was the previous owner of the property, acquired in December 2011 for $30.3 million.
Ranch at Pinnacle Point was completed in 2007, and features 16 residential buildings and a clubhouse on 25-plus acres. It consists of one-, two- and three-bedroom units that range from 650 to 1,350 SF.
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.
Balfour and Block are jointly pursuing multifamily property acquisition and management opportunities in select areas across the U.S., hoping to grow a joint portfolio by more than 12,000 units over the next three years.
The acquisition by Balfour and Block is the second blockbuster purchase in Northwest Arkansas’ multifamily sector in recent weeks. A Pennsylvania real estate firm bought the upscale Sterling Frisco student-housing development near the University of Arkansas campus in Fayetteville for $49 million.
According to the year-end 2014 apartment market survey released Wednesday by CBRE-Northwest Arkansas, the occupancy rate in the Northwest Arkansas market is 98 percent, up from 96.5 percent in 2013 and the highest mark since the firm began its multifamily survey in 2010.