Icon Real Estate Advisors arranges $11.2M sale of Chatham, NJ multifamily building

Managing partners David Jarvis and David Oropeza complete transaction

CHATHAM, NJ — ICON Real Estate Advisors has arranged the $11.2 million sale of Chatham Arms, a fully renovated 31-unit multifamily rental building at 49 South Passaic Avenue in Chatham.

The building was acquired by Cornerstone 2025 LLC, a private investor completing a 1031 exchange facilitated by ICON. The property was brought to market and placed under contract in 30 days, reflecting strong investor demand for well-located suburban multifamily assets across North Jersey.

The transaction was completed by ICON Real Estate Advisors managing partners David Jarvis and David Oropeza.

Located in downtown Chatham on a quiet, tree-lined street, the building is near NJ Transit rail service with direct access to Manhattan and convenient travel via Rtes. 24, 78, 80, and 287, along with nearby retail and dining.

The building features studio, one-bedroom, and two-bedroom residences with open floor plans, updated kitchens, hardwood flooring, 9-foot ceilings, stainless steel appliances, and in-unit climate control systems. Common areas have also been upgraded. Building amenities include a fitness center, laundry facilities, bike storage, and high-speed internet access.

“Properties with strong locations, modern renovations, and stable fundamentals continue to attract private capital,” said Jarvis. “Delivering a quick, efficient process while maintaining strong buyer interest was a key objective for our client.”

Oropeza added, “Private investors continue to seek well-located multifamily opportunities that offer long-term stability. This transaction reflects our ability to generate competitive interest and connect qualified buyers and sellers efficiently.”