Two former Gebroe-Hammer Associates principals debuted their ICON Real Estate Advisors venture Feb. 12, announcing a $35.1 million multifamily sale in Piscataway.
Managing Partners David Oropeza and David Jarvis co-founded the West Orange-based multifamily investment sales firm. Together, their experience totals more than 100 years in the business and more than $20 billion in transaction volume.
In Middlesex County, ICON Real Estate Advisors represented the seller in the transaction for The Grove, located at 67 Old New Brunswick Road. The 100%-occupied Class A building comprises 110 apartments. Developers BNE Real Estate Group and Sterling Properties delivered the community in 2020.
The property offers a central location. Situated less than a mile from Interstate 287, The Grove offers connections to Garden State Parkway; New Jersey Turnpike; and Routes 1, 18, 22 and 78. Rutgers University’s Busch and Livingston campuses are less than 5 miles away.
The Grove includes 22 COAH affordable housing units. Residences feature high-end finishes and the community offers resort-style amenities, such as a pool and secure parking with EV charging.
ICON said it quietly marketed the property at the seller’s request. After presenting multiple offers, the team helped select a buyer to complete a 1031 exchange.
Oropeza spent 38 years at Livingston-based Gebroe-Hammer Associates where he consistently ranked among top producers. Additionally, ICON said he played a pivotal role in expanding Gebroe-Hammer’s Garden State presence. He later joined Cushman & Wakefield as an executive managing director of multifamily brokerage.
Jarvis was with Gebroe-Hammer for more than 25 years, and later joined C&W as an executive managing director.
“Many of the owners we represent are making decisions involving decades of work and generational assets,” Jarvis said. “They deserve senior-level attention and a process designed to create competition and deliver certainty.”
The team also includes:
- Managing Director Justin Lupo
- Director David Betesh
- Associate Ben Susskin
The group advises private owners, family offices and institutional investors across the Mid-Atlantic region.
“Our objective in forming ICON was to build a partner-led platform where experience, relationships, and execution define the business,” said Oropeza. “The Grove at Piscataway demonstrates our ability to run a competitive process that highlights an asset’s fundamentals and delivers results aligned with the seller’s objectives.”
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