Kansas City Group Pays $30M for Stoneleigh Centerton, Stadium Apartments (NWA Real Deals)

A real estate firm in Kansas City, Missouri, paid nearly $30 million for two apartment complexes in northwest Arkansas. Block Funds, led by Kenneth Block, paid $22.5 million for the Stoneleigh Centerton complex in Centerton and $6.7 million for the Stadium Apartments in Fayetteville. Block Multifamily Group will manage the properties. “The northwest Arkansas multifamily occupancy levels are some of the strongest in the nation,” Kenneth Block said in a statement. Stoneleigh has 280 units while Stadium has 112 units. Block said in a release that it now manages more than 1,000 units in northwest Arkansas. Rupple Row Cottages A California real estate investment group paid $16.35 million for Rupple Row Cottages in west Fayetteville. TwinRock Partners of Newport Beach bought the properties through its AR Shamrocks LLC. The 80 cottages — four-bedroom, three-bath town homes built for student housing — are on North Wordsworth Lane in the Rupple Row subdivision. Wells Fargo Bank provided a loan of $11.7 million for the acquisition. TwinRock was co-founded in 1998 by CEO Alexander Philips and has invested nearly $500 million in residential and commercial properties. Rob Kimbel, through his Spring Creek Rentals LLC, was the seller. Kimbel is an investment partner of Specialized Real Estate Group, which is building a 300-plus unit apartment complex at the southwest corner of Joyce Avenue and Steele Boulevard. Village Gets New Owners An investment group paid $5.2 mi...
Source: Arkansas Business - Health Care - Category: American Health Source Type: news