At the end of the day, its simple... It doesn't matter if you use the best bucket of paint on the job, if your base coat fails everything fails. Power wash, scrape any loose paint down to a sound/tight surface, prime with a masonry primer (there is a difference), and topcoat with a good acrylic finish.
Oil primers are fantastic, they penetrate deep into the surface and hold. If your painting over a previous coating, then the benefits of oil are not as great. Plenty of companies have a masonry coatings line. I personally don't care for flat finish paints as they tend to allow dirt to cling easier to the finish. A satin finish is more subtle and allows rain to clean it.
From a painters perspective, my system for bare block (not your case) is block fill, primer, finish. Acrylic topcoats are my choice, but then again thats all thats available in my VOC state. Oil products also chalk and fade badly on exterior surfaces.