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A 52-unit multifamily property in Franklin Lakes sold for $29 million, according to a May 26 announcement from Cushman & Wakefield.

The global commercial real estate services firm said it represented both the seller, Adoni Property Group, and procured the buyer, Four Point Holdings LLC, in the transaction.

Located at 8 Tice Road in Bergen County, The Franklin debuted in 2022. The community offers proximity to major roadways, including Interstate 287 and Route 208. It features spacious units with modern finishes, along with a suite of amenities, such as a golf simulator, fitness center, movie screening room, resident lounge and event space, and outdoor patio with fire bits and barbecue stations.

A Cushman & Wakefield team of Vice Chair Niko Nicolaou, Managing Directors Ryan Dowd and Andrew Schwartz, Director Jordan Sobel, and Senior Associates Andre Balthazard and Dan Bottiglieri handled the deal.

Last year, C&W assisted Westfield-based Adoni Property Group with the disposition of a 39-unit apartment building in Avenel. That new construction sold for $14.3 million.

Building a Bergen County benchmark

In a statement, Adoni Property Group founder and CEO Sonny Adoni said the company is “incredibly proud of the benchmark we set with The Franklin.”

He noted the development project aimed to deliver a boutique living experience to Franklin Lakes.

“This transaction reflects the immense value of that vision, and we are confident the buyer will continue to operate the building with the same commitment to excellence that defined it,” Adoni continued.

“Seeing this project command such strong institutional demand validates the hard work our team put into creating a truly premier living experience for the Bergen County market,” added The Franklin development partner Mario Galdi.

Nicolaou also noted the modern amenities and strategic location. “The property’s appeal and competitive sale process underscore the robust investor interest in well-located multifamily assets,” he said.

Franklin Lakes earns an overall A grade from Niche, with highest marks for Families, Health & Fitness, Public Schools and Outdoor Activities. With a population of more than 11,000, the ratings and review website puts monthly median rent in the borough at $3,230.