F.M. Ferrari Investments purchased a 39-unit apartment community in Avenel from Adoni Property Group for $14.3 million in a deal announced Monday.
The three-story property at 355 Edgerton Blvd. consists of 39 newly constructed units that are fully leased. Each unit has two bedrooms featuring premium finishes including stainless steel appliances, designer bathrooms, and an assigned parking space.
Cushman & Wakefield’s Tri-State Private Capital Group of Andrew Schwartz, Jordan Sobel, Andre Balthazard, and Dan Bottiglieri represented Adoni Property Group, and lined up the buyer, F.M. Ferrari Investments.
“The Boulevard East Apartments presented an exceptional investment opportunity, combining premium unit finishes, strong leasing performance and a prime location in the thriving greater Woodbridge market,” said Sobel.
The property is located less than 10 minutes away from the New Jersey Turnpike and Garden State Parkway and is equidistant from New York City and the Jersey Shore.
CoStar, a provider of real estate news and information, said in an outlook story in January that the multifamily forecast for New Jersey calls for a “more measured pace of inventory expansion, healthy renter demand, and an acceleration in asking rent growth.”
F. M. Ferrari Investments, based in West Orange, was founded by Frank Ferrari in 1979 and manages more than $200 million in real estate across many locations in the Northeast, with a focus on Central and North Jersey. Adoni Property Group is based in Westfield specializing in developing, owning, and managing upscale real estate assets.
