Continuing a strong year of local investment activity, Icon Real Estate Advisors has successfully brokered the $5.1 million sale of a 44-unit multifamily apartment building located at 75 North Walnut Street in East Orange.
The property was acquired by 291 Rockaway LLC from 75 N Walnut NJ PO LLC through a real estate-owned (REO) transaction following foreclosure. David Oropeza, Managing Partner at West Orange-based Icon Real Estate Advisors, served as the sole broker for the deal—marking a familiar milestone, as Oropeza has previously brokered the sale of the North Walnut Street property multiple times throughout his career.
At the time of the sale, the four-story building—which features a mix of studio, one-, and two-bedroom apartments—was approximately 50% vacant. The new ownership group plans to execute substantial interior and exterior renovations to modernize the asset, capture rising tenant demand, and stabilize the property.
“With significant vacancy and considerable renovations planned, this transaction presents an opportunity for the new ownership to reposition the building and create long-term value,” said Oropeza. “Foreclosure-related and lender-controlled sales are an area of specialization for ICON, and successfully navigating these transactions requires an understanding of the financial and operational challenges associated with distressed properties.”
The transaction underscores an active year for distressed and lender-controlled multifamily assets in Essex County. The latest sale closely follows Icon’s recent $10.475 million trade of an 88-unit, lender-controlled portfolio spanning 255 and 284 Prospect Street in East Orange.
Driven by these major transactions, Icon Real Estate Advisors has now arranged more than $55 million in total East Orange multifamily sales throughout 2026 alone.
Headquartered at 1 Boland Drive in West Orange, Icon Real Estate Advisors was co-founded by Managing Partners David Oropeza and David Jarvis, bringing over a century of combined industry experience and $20 billion in career transaction volume to regional real estate markets across New Jersey and the Mid-Atlantic.
