Four Point Holdings LLC Acquires 52-Unit Multifamily Property From Adoni Property Group For $29M

The Franklin is a 52-unit multifamily property located at 8 Tice Road in Franklin Lakes, New Jersey. The asset was sold for $29,000,000, resulting in a price per unit of $557,692. The property, built in 2022, appeals to investors due to its luxury rental community features, which include high-end amenities and a location that provides easy access to major commuter routes in New Jersey.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $29,000,000
• Units: 52
• Price Per Unit: $557,692
• Buyer: Four Point Holdings LLC
• Seller: Sonny Adoni - Adoni Property Group
• Brokers: Niko Nicolaou, Ryan Dowd, Andrew Schwartz, Jordan Sobel, Andre Balthazard & Daniel Bottiglieri - Cushman & Wakefield

Cushman & Wakefield facilitated the transaction by representing both the seller, Adoni Property Group, and the buyer, Four Point Holdings LLC, highlighting strong investor interest in suburban multifamily assets within the market.