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A private investor completed an 1031 exchange for a multifamily rental building in Chatham, facilitated by ICON Real Estate Advisors.

Cornerstone 2025 LLC acquired the 31-unit property located at 49 S. Passaic Ave. in the Morris County borough for $11.2 million. The seller was Chatham Arms JV LLC.

According to ICON, the fully renovated building came to market and secured a contract in approximately 30 days. The urgency reflects strong demand for well-located, suburban multifamily assets across North Jersey.

ICON Managing Partners David Jarvis and David Oropeza completed the transaction.

The deal closely follows the debut of the West Orange-based ICON. The multifamily investment sales firm launched in February, announcing a $35 million transaction in Piscataway. Jarvis and Oropeza have experience totaling more than 100 years in the business, including longtime tenures at Gebroe-Hammer Associates.

49 S. Passaic Ave. sits in downtown Chatham on a quiet, quaint street. It offers proximity to NJ Transit rail service, as well as access to Routes 24 and Interstates 78, 80 and 287. The building features one- and two-bedroom residences with open floor plans, hardwood flooring, 9-foot ceilings and more. Common areas also received updates, ICON said. Amenities include a fitness center, laundry facilities and high-speed internet access.

Niche.com identifies Chatham as the No. 3 best place to raise a family in Morris County. The  A+-rated community also earns high marks for jobs, outdoor activities and health & fitness.

“Properties with strong locations, modern renovations, and stable fundamentals continue to attract private capital,” said Jarvis. “Delivering a quick, efficient process while maintaining strong buyer interest was a key objective for our client.”

Added Oropeza, “This transaction reflects our ability to generate competitive interest and connect qualified buyers and sellers efficiently.”