Block Real Estate Services Buys Centerton Asset For $22.57 Million

A subsidiary of Block Real Estate Services, a longtime leader in Kansas City commercial real estate development, has acquired a multifamily asset in Centerton for $22.57 million.

Four separate LLCs combined to purchase the 280-unit Stoneleigh Apartments at 501 E. Centerton Blvd., which equates to $80,625 per unit. The property offers one- and two-bedroom units ranging from 597 SF to 1,073 SF.

Stoneleigh Centerton Apts. LTD of Addison, Texas, was the seller.

A Block Real Estate subsidiary also recently closed on a deal in Fayetteville that included the purchase of a multifamily development near Baum Stadium (see “Real Deals” on Page 16).

With the acquisitions, Block Real Estate now holds four assets in the Northwest Arkansas market with a combined 1,016 units. A joint venture between Block Real Estate and Balfour Beatty Communities of Pennsylvania acquired the 392-unit Ranch at Pinnacle Point in Rogers in February for $41.1 million. The company also owns and manages the 232-unit The Woods at Johnson Mill in Johnson.

All of the properties have an occupancy rate of at least 94 percent.

“The Northwest Arkansas multifamily occupancy levels are some of the strongest in the nation,” Ken Block, managing principal of Block Real Estate, said in a prepared statement. “Having four assets in the market will allow us to increase operating efficiency and better capitalize on this growing market.”