ICON Real Estate Advisors brokers $15.45M sale of two Essex County NJ Multifamily Properties
- MAREJ
- 9 hours ago
- 2 min read
Managing partners Oropeza & Jarvis represented both buyer and seller in each transaction
EAST ORANGE, NJ — ICON Real Estate Advisors has arranged the sale of two New Jersey multifamily properties totaling $15.45 million: a 58-unit garden-style property at 223 Prospect St. in East Orange and a 58-unit elevator building at 469 Elizabeth Ave. in Newark.
In the first transaction, a 58-unit garden-style multifamily property located at 223 Prospect St. in East Orange has sold for $7.95 million.
ICON represented both the seller, MCM Associates LLC, and the buyer, Justin Square LLC, in the transaction, which was completed by managing partners David Oropeza and David Jarvis.
The two-story, 1947-built building includes on-site parking and has been owned by the seller for more than 30 years. It has been carefully maintained and remains in excellent condition. The property is located near regional transportation networks, including NJ Transit commuter rail service on the Morris & Essex Line, providing convenient access to Hoboken and NYC.
“Properties with long ownership histories and careful stewardship often attract buyer interest,” said Oropeza. “We were pleased to represent both parties and execute a transaction aligned with their respective objectives.”
In the second transaction, ICON has arranged the $7.5 million sale of a multifamily property located at 469 Elizabeth Avenue in Newark.
ICON represented both the seller, Newark 469 Elizabeth LLC, and the buyer, Dove Management, in the transaction. The deal was completed by Jarvis and Oropeza.
The six-story elevator building, originally constructed in 1920, comprises 58 residential units with a mix of one- to three-bedroom floor plans. The property is located in Newark’s Weequahic section, along Weequahic Lake and adjoining parkland, and offers convenient access to NJ Transit service, downtown Newark, and Newark Liberty International Airport.
“Having worked with the seller for many years—including representing him in his 2016 acquisition of the property—we were pleased to guide this sale and deliver a successful outcome for both parties,” said Jarvis.
