ICON Real Estate Advisors has arranged the $7.95 million sale of a 58-unit garden-style multifamily property at 223 Prospect St. in East Orange.
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 building, built in 1947, includes on-site parking and has been owned by the seller for more than 30 years. ICON said it has been carefully maintained and is in excellent condition.
The property is near regional transportation networks, including NJ Transit commuter rail service on the Morris & Essex Line, providing access to Hoboken and New York City. The property is about a 16-minute drive from Newark Liberty International Airport.
“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.”
West Orange-based ICON Real Estate Advisors was co-founded by Managing Partners David Oropeza and David Jarvis. Collectively, the firm’s partners bring more than 100 years of experience and over $20 billion in combined career transaction volume. ICON focuses on multifamily investment sales across New Jersey, New York, Pennsylvania, Maryland, and Virginia.
