Updated May 12, 2025
Frank Ferrari Of F. M. Ferrari Investments Acquires Multifamily Asset In Avenel For $14.3M
355 Edgerton Boulevard
$14,300,000
Units
39
Asset Type
MultiFamily
Closing
Apr 22, 2025
About this deal
AI
The property asset involved in this transaction is a 39-unit multifamily apartment complex located at 355 Edgerton Boulevard in Avenel. The sale was executed for a total price of $14,300,000, resulting in a price per unit of $366,667. The asset is noted for being fully leased at the time of sale.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $14,300,000
- Units: 39
- Price Per Unit: $366,667
- Buyer: Frank Ferrari - F. M. Ferrari Investments
- Seller: Sonny Adoni - Adoni Property Group
- Brokers: Andre Balthazard, Andrew Schwartz, Daniel Bottiglieri & Jordan Sobel - Cushman & Wakefield
F. M. Ferrari Investments acquired the Boulevard East Apartments from Adoni Property Group. The transaction was represented by a team from Cushman & Wakefield, led by Andrew Schwartz, highlighting the strength of the property in the Woodbridge market.
On the Map
$14,300,000
MultiFamily
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Players
Avenel MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.11%
Cash-on-Cash
-0.32%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93