What they (well SSE at least) install now is a dual rate meter with the time switch all in one unit.
It has two outputs, one on all the time, and one only on during the cheap rate periods.
You could run both up to each flat, but that would need 2 switch fuses per flat.
You are under no obligation to use the switched output from the meter. In your case it might well be cheaper and simpler to run just one supply up and "re create" the off peak supply with a timer and contactor. Just make sure your timer is set to the same times as the off peak periods and synchronised to the "meter time" (one of the display options as you cycle the display is the time of day)