ICON Real Estate Advisors has successfully arranged the $7.5-million sale of a prominent multifamily property in Newark, signaling continued investor confidence in the city’s residential market.
The transaction involved a six-story elevator building located at 469 Elizabeth Avenue. ICON served as a dual representative in the deal, managing the interests of both the seller, Newark 469 Elizabeth LLC, and the buyer, Dove Management. The sale was spearheaded by ICON Managing Partners David Jarvis and David Oropeza.
The 58-unit building, which dates back to 1920, offers a diverse mix of one-, two-, and three-bedroom floor plans. Beyond its historic character, the property boasts a premier location within Newark’s Weequahic section.
Situated directly along Weequahic Lake and adjacent parkland, the property provides residents with significant green space and recreational views—a highly sought-after amenity in an urban setting. The location is further bolstered by its proximity to:
- Downtown Newark: Providing access to major employment hubs and universities.
- NJ Transit: Offering seamless commutes across the region.
- Newark Liberty International Airport: Enhancing its appeal for a mobile professional workforce.
For ICON Real Estate Advisors, the sale represents the culmination of a long-standing relationship with the seller. Managing Partner David Jarvis originally represented the seller when they acquired the property back in 2016.
“Having worked with the seller for many years—including representing him in his 2016 acquisition of the property—we were pleased to guide this sale and deliver a successful outcome for both parties,” Jarvis noted.
The $7.5-million price point for a 58-unit building reflects the ongoing demand for “value-add” or well-maintained legacy assets in Newark. As the city continues its revitalization, neighborhoods like Weequahic are increasingly being targeted by management firms like Dove Management looking for stable, well-connected residential holdings.
