A new era in Mid-Atlantic multifamily brokerage has begun with the launch of ICON Real Estate Advisors. Founded by industry veterans and former longtime principals of Gebroe-Hammer Associates, the firm officially debuted Thursday alongside the announcement of a landmark $35.1 million sale of a Class A apartment community in Middlesex County.
The firm’s inaugural transaction involved The Grove at Piscataway, a 110-unit luxury residential complex located at 67 Old New Brunswick Road. Delivered in 2020, the asset was 100% occupied at the time of sale, reflecting the sustained demand for high-end “live-work-play” housing in New Jersey’s suburban transit corridors.
The sale of The Grove was conducted as a “quiet” marketing process at the request of the seller—a private real estate development firm. ICON successfully generated multiple offers, ultimately guiding the seller to a buyer fulfilling a 1031 exchange.
The property serves as a prime example of modern New Jersey multifamily standards, featuring:
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Luxury units: High-end finishes, in-unit laundry, and private balconies.
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Affordable housing: 22 COAH units fully integrated into the community.
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Premier amenities: Resort-style pool, fitness center, coworking lounges, and EV charging stations.
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Strategic location: Centrally located in Piscataway with immediate proximity to major employment hubs in Edison and New Brunswick.
Headquartered in West Orange, ICON is led by Managing Partners David Oropeza and David Jarvis. The founding team brings a staggering 100+ years of combined experience and over $20 billion in career transaction volume to the new platform.
Oropeza, who spent 38 years at Gebroe-Hammer, was a foundational figure in the firm’s expansion across North and Central Jersey. Jarvis, a 25-year veteran of the same firm, has a reputation for advising both institutional and private “generational” family offices. The duo most recently served as Executive Managing Directors at Cushman & Wakefield before founding ICON.
“Our objective was to build a partner-led platform where experience, relationships, and execution define the business,” Oropeza said. “The Grove at Piscataway demonstrates our ability to deliver results aligned with a seller’s specific objectives.”
Joining the founders is a team of seasoned specialists focused on the New Jersey, New York, and Pennsylvania markets: Justin Lupo, managing director (formerly of Cushman & Wakefield’s Northeast multifamily platform); David Betesh, director; and Ben Susskind, associate.
“Many of the owners we represent are making decisions involving decades of work,” added Jarvis. “They deserve senior-level attention and a process designed to create competition and deliver certainty.”
