M id A tlantic Real Estate Journal — Owners, Developers & Managers — April 2026 — 39
www.marej.com
O wners , D evelopers & M anagers
Managing partners Oropeza & Jarvis represented both buyer and seller in each transaction ICON Real Estate Advisors brokers $15.45M sale of two Essex County NJ Multifamily Properties
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to NJ Transit service, down- town Newark, and Newark Liberty International Air- port. “Hav i ng
AST ORANGE, NJ — ICON Real Es- tate Advisors has ar-
ranged the sale of two New Jersey multifam- ily proper- ties total- ing $15.45 million: a 58-unit gar- den-style
worked with the seller for many years—in- cluding rep- resenting him in his 2016 acqui-
David Oropeza
David Jarvis
sition of the property—we were pleased to guide this sale and deliver a successful outcome for both parties,” said Jarvis. MAREJ
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 multi- family property located at 223 Prospect St. in East Orange has sold for $7.95 million. ICON represented both the seller, MCM Associ- ates 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 net- works, including NJ Transit commuter rail service on the Morris & Essex Line, pro- viding convenient access to Hoboken and NYC. “Properties with long own- ership histories and careful stewardship often attract buyer interest,” said Oropeza. “We were pleased to repre- sent 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 Eliza- beth Avenue in Newark. ICON represented both the seller, Newark 469 Elizabeth LLC, and the buyer, Dove Manage- ment , in the transaction. The deal was completed by Jarvis and Oropeza. The six-story elevator building, originally con- structed in 1920, comprises 58 residential units with a mix of one- to three-bedroom floor plans. The property is located in Newark’s Weequa- hic section, along Weequahic Lake and adjoining parkland, and offers convenient access
Courtesy of CoStar Group, Inc
Courtesy of CoStar Group, Inc
469 Elizabeth Avenue in Newark, NJ
223 Prospect St. in East Orange, NJ
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