The surging demand for well-maintained “legacy” multifamily assets in Essex County has reached another milestone. ICON Real Estate Advisors announced Tuesday that it has arranged the $7.95 million sale of 223 Prospect Street, a 58-unit garden-style apartment community in East Orange.
The transaction highlights the continued appetite for stable, commuter-friendly rental properties as the New Jersey multifamily market navigates a landscape of stabilizing interest rates and rising home values.
The two-story property, built in 1947, had been under the same ownership for more than 30 years. Representing both the seller, MCM Associates LLC, and the buyer, Justin Square LLC, ICON Managing Partners David Oropeza and David Jarvis leveraged their deep roots in the North Jersey market to execute the deal.
“Properties with long ownership histories and careful stewardship often attract significant buyer interest,” Oropeza said. “We were pleased to represent both parties and execute a transaction aligned with their respective objectives.”
Property Highlights:
- Scale: 58 units in a classic garden-style layout.
- Condition: Maintained in “excellent condition” by long-term ownership.
- Amenities: Includes on-site parking, a premium in the densely populated East Orange market.
The sale price—approximately $137,000 per unit—reflects the strategic value of the building’s location. Situated near the NJ Transit Morris & Essex Line, the property offers direct access to Newark, Hoboken and New York City.
This closing marks another win for West Orange-based ICON Real Estate Advisors, which launched earlier this year. The firm has hit the ground running with a series of high-profile North Jersey deals, including the $35.1 million sale of a Piscataway luxury complex and an $11.2 million deal in Chatham just last week.
Oropeza and Jarvis, veterans of the industry with a combined $20 billion in career transaction volume, are positioning ICON as a partner-led platform specializing in family-owned and institutional multifamily assets.
