ICON Real Estate Advisors arranges $7.95M sale of East Orange multifamily property 

March 14, 2026 - 06:00

A significant multifamily investment transaction has closed in East Orange, New Jersey, with the sale of the property located at 223 Prospect Street. The deal, valued at $7.95 million, was facilitated by brokerage firm ICON Real Estate Advisors.

The recently sold asset is a substantial garden-style apartment complex featuring 44 units. The property offers a mix of one- and two-bedroom layouts, catering to a range of residents. Building amenities include on-site laundry facilities, providing convenience for tenants.

The sale underscores the continued investor interest in stable multifamily markets within the Northern New Jersey region. Properties offering value and essential amenities in established communities remain attractive to capital seeking reliable returns. The transaction was completed efficiently, reflecting strong market fundamentals for well-located housing stock.

This deal represents a notable entry into the East Orange market for the purchasing entity. The area's proximity to major transportation corridors and New York City continues to drive demand for rental housing, supporting asset values and investment activity in the sector.