NEW YORK CITY — Locally based investment firm Slate Property Group has acquired Queenswood Apartments, a 296-unit affordable housing complex in the borough’s Corona neighborhood. The two-building complex, which was constructed in 1990, was facing imminent expiration of its affordability mandate. Slate has secured a 40-year extension of that mandate with the NYC Housing Development Corp. and the NYC Department of Housing Preservation & Development. Under the new agreement, 35 units will be reserved for renters earning 30 percent or less of the area median income (AMI); eight residences will be earmarked for households earning 50 percent or less of AMI; 230 units will be restricted for tenants making 80 percent or less of AMI; and 22 apartments will be set aside for those making 100 percent or less of AMI.
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FORNEY, TEXAS — Newmark has arranged the sale of Forney Logistics Crossing, a 904,495-square-foot industrial property located on the eastern outskirts of Dallas. Delivered in January, the cross-dock facility features 40-foot clear heights, 161 total dock doors and 198 trailer stalls (expandable to 352). Dustin Volz, Stephen Bailey, Dom Espinosa, Zach Riebe, Taylor Hare, Chloie Mercer and Caroline Wilson of Newmark represented the seller, a partnership between Stillwater Capital and Grandview Partners, in the transaction. The buyer was EQT Exeter. The property was fully leased at the time of sale to trucking company Knight-Swift.
FORT WORTH, TEXAS — A partnership between Los Angeles-based Cottonwood Group and Dallas-based Texsun Holdings has acquired Taylor Commons, a 224-unit multifamily property in Fort Worth. The property offers one- and two-bedroom units and amenities such as a pool, fitness center, playground, outdoor grilling and dining stations and onsite laundry facilities. The seller and sales price were not disclosed. The new ownership plans to implement a value-add program.
DALLAS — Texas-based investment firm SPI Advisory has acquired Ivy Urban Living, a 228-unit apartment community located just north of downtown Dallas. Built in 1988, the property offers one-, two- and three-bedroom units that are furnished with stainless steel appliances, quartz countertops, tile backsplashes and private balconies/patios. Amenities include a pool, fitness center, business center, pet park and access to package lockers. The seller and sales price were not disclosed.
HOUSTON — Locally based brokerage firm NewQuest Properties and Red Oak Commercial have negotiated the sale of Virtuo Med Center Apartments, a 326-unit multifamily community in Houston. The property was built on 6.4 acres in 2020. Units come in studio, one- and two-bedroom units that range in size from 509 to 1,189 square feet. Amenities include a pool, fitness center, business center, private dining area, coffee bar and a podcast room. Glenn Dickerson and Brad LyBrand of NewQuest represented the undisclosed seller in the off-market transaction. The buyer, a private investor based in the Northeast, was also not disclosed.
PLANO, TEXAS — Hospitality investment and development firm Driftwood Capital has acquired the 299-room Hilton Dallas/Plano Granite Park hotel. The accommodations include rooms with queen and king beds, as well as suites. The amenity package comprises a pool, fitness center, business center, grab-and-go mart, two onsite dining options and more than 33,000 square feet of meeting and event space. The new ownership plans to upgrade the guestrooms and meeting space and to assume management of the property. Eastdil Secured represented the seller, Granite Properties, in the transaction.
WAYNE, N.J. — The Pomeranc Group, a hospitality-oriented investment firm, has acquired Mountain View Crossing, a 465-unit apartment community located in the Northern New Jersey community of Wayne. The property’s unit mix consists of eight studios, 309 one-bedroom apartments, 141 two-bedroom units and seven three-bedroom units. Residences feature private patios/balconies, stainless steel appliances, hardwood flooring and stone countertops. Amenities include a pool, tennis and basketball courts, fitness center, clubroom, dog park and outdoor grilling and dining areas. Niko Nicolaou, Ryan Dowd, Peter Welch and Brian Whitmer of Cushman & Wakefield represented the seller, UBS Realty Investors, in the transaction and procured The Pomeranc Group as the buyer. John Alascio, T.J. Sullivan, Chuck Kohaut, John Spreitzer, Jason Blankfein and Mitch Rothstein of Cushman & Wakefield arranged $97.7 million in acquisition financing through Greystone for the deal.
PENNSYLVANIA — Blueprint Healthcare Real Estate Advisors has arranged the sale of a skilled nursing portfolio totaling more than 1,000 beds in Pennsylvania. A public REIT and its operating partner sold the two campuses, which offer independent living, personal care and memory care services. Although specific property names and locations were not disclosed, the properties are concentrated in northeast and central Pennsylvania. An East Coast-based investor seeking to establish a new footprint in the region acquired the assets for an undisclosed price.
FARMERS BRANCH, TEXAS — Fort Worth-based investment firm Fort Capital has acquired Spring Valley Tech Center, an industrial property that comprises nine buildings totaling 178,835 square feet in the northern Dallas metro of Farmers Branch. At the time of sale, the portfolio was 92 percent leased to 40 tenants in sectors such as retail, healthcare, technology, distribution and home services. The seller and sales price were not disclosed.
OKLAHOMA CITY — LSC Development has acquired a 161,190-square-foot retail building formerly occupied by Sears in Oklahoma City with plans to redevelop the property into a mixed-use facility with retail self-storage uses. The site is adjacent to a Walmart Neighborhood Market and across the street from the 31-acre INTEGRIS Southwest Medical Center. Michael Brewster, Drew Quinn, Brad Peterson, El Warner and Charley Simpson of Colliers represented the undisclosed seller in the transaction.