Sign In
Upcoming Event
Free Newsletter
469 Elizabeth Ave. Newark is a six-story multifamily building originally constructed in 1920. COURTESEY OF COSTAR INC.
469 Elizabeth Ave. Newark is a six-story multifamily building originally constructed in 1920. COURTESEY OF COSTAR INC.
Newark 58-unit multifamily property sells for $7.5M
Jessica Perry//April 13, 2026//
Listen to this articleAs new developments continue to reach skyward in Newark, a 58-unit multifamily property sale recently posted a price tag of $7.5 million.
ICON Real Estate Advisors announced the sale of 469 Elizabeth Ave. in Newark April 13. The West Orange-based firm represented both the seller, Newark 469 Elizabeth LLC, as well as the buyer, Dove Management, in the transaction. Managing Partners David Jarvis and David Oropeza handled the deal.
According to ICON, the Elizabeth Avenue property was built in 1920. The six-story elevator building offers a mix of one- to three-bedroom floor plans. The property sits in Newark’s Weequahic neighborhood. Situated along Weequahic Lake, the spot offers convenient access to NJ Transit, downtown and Newark Liberty International Airport.
Jarvis noted the Essex County transaction represents a continuing relationship for ICON.
“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,” he said.
ICON-ic start
Since launching in February, multifamily investment sales firm ICON has announced several transactions. It debuted arranging a $35 million deal in Piscataway for The Grove. Then last month, the business launched by former longtime Gebroe-Hammer Associates team members Jarvis and Oropeza racked up several more closings.
The deals span from Chatham to East Orange. In the latter, ICON arranged the sale of another 58-unit property. That garden-style community sits at 223 Prospect St.
ICON represented both the seller, MCM Associates LLC, and the buyer, Justin Square LLC, in that deal.
Built in 1947, the two-story building includes on-site parking. The seller has owned the Essex County property for more than 30 years, ICON said.
“Properties with long ownership histories and careful stewardship often attract buyer interest,” said Oropeza. “We were pleased to represent both parties and execute a transaction aligned with their respective objectives.”
