Continuing a strong streak of regional activity, ICON Real Estate Advisors has successfully arranged the $10.475 million sale of an 88-unit multifamily portfolio located at 255 and 284 Prospect Street in East Orange.
The transaction was structured as an REO (Real Estate Owned) sale following a foreclosure, with MNM Holding LLC acquiring the properties from a lender-controlled entity.
Positioned along Prospect Street—one of East Orange’s premier residential thoroughfares—the portfolio features a diverse unit mix spanning studio, one-bedroom, and two-bedroom apartments. At the time of the sale, approximately 51% of the portfolio was vacant, presenting a prime value-add opportunity for the new owner to implement a comprehensive renovation and lease-up program.
The deal highlights the deep regional expertise of the ICON team. David Oropeza, Managing Partner at ICON, exclusively represented the seller, marking an unusual milestone: Oropeza has now been involved in five separate sales of these specific Prospect Street properties over the course of his career.
“Having now been involved in five separate sales of these properties, we have an unusually deep familiarity with both the assets and the East Orange multifamily market,” Oropeza said. “That history was particularly valuable in this transaction given the significant vacancy and the circumstances surrounding the sale. We were able to identify a buyer with the experience and appetite to take on the business plan and execute a transaction that met the seller’s objectives.”
David Betesh, multifamily director at ICON, represented the buyer, securing the acquisition in what marks his third completed transaction with this ownership group.
“Having worked with this ownership group on multiple acquisitions, I had a strong understanding of what they were looking for and knew this opportunity would fit their investment strategy,” Betesh noted. “The significant vacancy gives them the ability to renovate and re-lease a substantial portion of the portfolio, while acquiring 88 units of scale along one of East Orange’s most established multifamily corridors.”
This latest closing pushes ICON Real Estate Advisors’ total East Orange multifamily sales volume to more than $50 million year-to-date, encompassing approximately 12 properties across six distinct transactions.
“Our activity in East Orange this year is a good example of the momentum we’re seeing across our business,” Oropeza said. “We continue to work with a wide range of owners and investors throughout New Jersey, with assignments spanning individual assets and larger multifamily portfolios.”
