Two former brokers at Gebroe-Hammer Associates have launched a new firm and done their first deal there, the $35.1 million sale of an apartment complex in Piscataway, New Jersey.
Icon Real Estate Advisors, based in West Orange, New Jersey, on Thursday said it represented the seller of The Grove at Piscataway, a 110-unit multifamily property at 67 Old New Brunswick Road.
Icon didn't name the seller nor the buyer. However, the seller was BNE Real Estate Group of West Orange and the buyer was Landmark Cos. of Keasbey, New Jersey, according to CoStar data.
Icon was founded by managing partners David Oropeza and David Jarvis, who are both longtime veterans of the brokerage Gebroe-Hammer. Both men left that firm and joined Cushman & Wakefield as executive managing directors before starting Icon. They are joined by managing director Justin Lupo, who previously co-led Cushman & Wakefield’s Northeast multifamily platform, director David Betesh and associate Ben Susskind.
Their new company, Icon, will focus on multifamily sales across New Jersey, New York, Pennsylvania, Maryland and Virginia.
In a statement, Icon said it quietly marketed The Grove at the seller’s request, presented multiple offers to it and guided it in selecting the buyer, who was completing a 1031 exchange. In a 1031 exchange, real estate investors that sell a property and reinvest the proceeds in a similar property are allowed to defer capital-gains taxes that would otherwise be due at the time of the sale.
The Piscataway complex has 22 affordable housing units that are integrated throughout the complex. The apartments feature high-end finishes, in-unit laundry and select private balconies or patios. The property also offers amenities including a pool, fitness center, coworking and social lounges, and secure parking with electric vehicle charging.
“Our objective in forming Icon was to build a partner-led platform where experience, relationships and execution define the business,” Oropeza said in a statement.