NEW YORK CITY — A partnership consisting of Slate Property Group and RiseBoro Community Partnership has purchased the 350-room JFK Hilton Hotel in New York City’s Queens borough. The partnership plans to convert the property, which was originally built in 1987, into a 318-unit affordable housing complex. The new complex will be called Baisley Pond Park Residences. Units will come in studio, one- and two-bedroom layouts. Planned amenities include a fitness center, computer lounge and multiple common rooms. As part of the conversion, the development team will replace all major …
ATLANTA — Brook Farm Group, an Atlanta-based development company, has hired Matt Cotton as Vice President of Land Acquisition. Cotton will be based in the company’s Atlanta office. In this role, Cotton will oversee Brook Farm Group’s strategy to identify and acquire new land sites for multifamily development across the southeast. Cotton previously worked in in the Atlanta suburb of Alpharetta as a director of site selection for the Southeast Region of Trilogy Residences. Prior to this, he served as a real estate development manager for Circle K in Charlotte, North …
TORRANCE AND LONG BEACH, CALIF. — CBRE has negotiated the acquisition of five properties in Torrance and Long Beach on behalf of an undisclosed, San Diego-based exchange buyer. CBRE’s Dan Blackwell and Trey Mitchell represented the buyer. The five transactions fulfilled the buyer’s 1031 exchange requirement following the disposition of a 3.8-acre property in Torrance. CBRE’s John Read, Greg Sullivan and Trent Steeves represented the investor in the sale of the asset in Torrance. The five acquired properties were sourced from different private sellers in Southern California. The properties include:
CHARLOTTE, N.C. — S2 Capital has acquired Timber Creek, a 352-unit property in the Collingwood neighborhood of Charlotte. Financial terms of the transaction were not disclosed. Located at 1100 Falls Creek Lane, Timber Creek offers studio, one- and two-bedroom apartments. Amenities include a pool, grilling station, clubhouse, fitness center, dog park and nature trail. S2 Capital plans to make exterior renovations to buildings and outdoor amenities, as well as upgrade unit interiors. The asset will be rebranded as “The Marley.”
FORKS TOWNSHIP, PA. — A joint venture between Ashley Development Corp. and Black Bear Asset Management (BBAM) has sold Sullivan Parke, a 102-unit property in the Lehigh Valley community of Forks Township, for $35.5 million. Emil DePasquale and Brandon Harris of Black Bear Capital Partners, a subsidiary of BBAM, arranged $19.2 million in acquisition financing on behalf of the undisclosed buyer. Sullivan Parke consists of four buildings on a seven-acre site. Amenities include multiple fitness centers, lounges and outdoor recreation areas.
THOUSAND OAKS, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of a two-property, 399-unit portfolio in Thousand Oaks. FPA Multifamily purchased the assets from Decron Properties for $171.3 million. IPA’s Kevin Green, Joseph Grabiec and Gregory Harris represented the seller and procured the buyer. The properties included in the portfolio are Los Robles Apartments and The Retreat at Thousand Oaks. Los Robles Apartments is a 32-building property that offers studio, one- and two-bedroom apartments. Units average 882 square feet in size. Amenities …
NEW YORK CITY — Marcus & Millichap has arranged the $48 million sale of Fannwood Estates, a 312-unit community in the New York City borough of Queens. Shaun Riney, Seth Glasser, Joe Koicim, Louis Zarif and Sean Fopeano of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were private investors that requested anonymity. Fannwood Estates rises six stories within the borough’s Rego Park neighborhood. The rent-stabilized building occupies a full city block.
ATLANTA — Cushman & Wakefield has arranged the sale of Alexan Summerhill, a recently built 315-unit community in Atlanta’s Summerhill neighborhood. Weinstein Properties purchased the asset from the developers, Trammell Crow Residential and PGIM Real Estate, for an undisclosed price. Robert Stickel, Alex Brown, Ashlyn Warren, Michael Kay and Sim Patrick of Cushman & Wakefield represented the sellers in the transaction. Alexan Summerhill was built in 2022 as part of an ongoing 72-acre transformational mixed-use redevelopment plan. The community will feature direct access to the adaptive reuse retail spaces on …
SAN DIEGO — Decron Properties has purchased Margo at The Society, a 240-unit property located at 201 Del Sol Drive in San Diego, for $125.5 million. The seller was not disclosed. The acquisition was completed through a 1031 exchange. Decron Properties sold two assets in Thousand Oaks, California — Los Robles Apartments for $102.5 million and Retreat at Thousand Oaks for $69 million — and reinvested a portion of those funds into Margo at The Society. Margo at The Society comprises 240 apartments in one-, two- and three-bedroom layouts. Units …
TRENTON, N.J. — The Kislak Co. Inc. has arranged the sale of Riverbank Commons in Trenton. Barry Waisbrod of Kislak represented the seller, River Bank Rentals LLC, in the transaction. The buyer was an entity doing business as NJ Mercer Investments Realty LLC. The building comprises 30 units across three stories. The unit mix includes three efficiency apartments, 12 one-bedroom units and 15 two-bedroom units.