In a deal underscoring the relentless demand for suburban multifamily assets, ICON Real Estate Advisors has arranged the $11.2 million sale of Chatham Arms, a premier 31-unit residential building in the heart of downtown Chatham.
The West Orange-based brokerage, recently founded by industry veterans David Jarvis and David Oropeza, facilitated the transaction for the buyer, Cornerstone 2025 LLC. The private investor acquired the property from Chatham Arms JV LLC as part of a 1031 exchange, a tax-deferral strategy that has become a hallmark of ICON’s early success in the Mid-Atlantic market.
The property at 49 South Passaic Avenue was placed under contract in just 30 days—a timeline that highlights the competitive landscape for “transit-oriented” real estate in North Jersey.
“Properties with strong locations, modern renovations, and stable fundamentals continue to attract private capital,” ICON Managing Partner David Jarvis said. “Delivering a quick, efficient process while maintaining strong buyer interest was a key objective for our client.”
Chatham Arms is a textbook example of the “flight to quality” currently defining the Morris County rental market. Originally built in 1942, the four-story building has undergone extensive renovations to meet 2026 standards of luxury.
The building’s 31 units range from studios to two-bedroom residences, featuring:
- Interiors: Open floor plans, 9-foot ceilings, hardwood flooring, and updated kitchens with stainless steel appliances.
- Tech & Climate: In-unit climate control systems and high-speed internet access.
- Amenities: A newly upgraded fitness center, bike storage, and on-site laundry facilities.
The asset’s valuation is driven largely by its proximity to NJ Transit’s Morris & Essex Line. Located on a quiet, tree-lined street, the building is a short walk from the Chatham station, offering a direct “Midtown Direct” commute to New York Penn Station—a major draw for the borough’s high-earning professional demographic.
“Private investors continue to seek well-located multifamily opportunities that offer long-term stability,” added ICON Managing Partner David Oropeza. “This transaction reflects our ability to generate competitive interest and connect qualified buyers and sellers efficiently.”
The Chatham deal follows on the heels of ICON’s high-profile debut last month: the $35.1 million sale of The Grove at Piscataway. Between Oropeza’s 38-year tenure and Jarvis’s 25-plus years at firms like Gebroe-Hammer and Cushman & Wakefield, the partners have closed over $20 billion in career transactions, positioning their new West Orange firm as a formidable player in the Garden State’s real estate ecosystem.
