Chatham Arms at 49 South Passaic Ave. in Chatham — Courtesy: ICON Real Estate Advisors
By Joshua Burd
A private investor has acquired a renovated 31-unit apartment building in Chatham for $11.2 million, brokers with ICON Real Estate Advisors announced Monday.
According to a news release, a buyer listed as Cornerstone 2025 LLC completed the deal at 49 South Passaic Ave. as part of a Section 1031 like-kind exchange. That followed a listing period that spanned roughly 30 days, ICON said, reflecting strong investor demand for well-located suburban multifamily assets across North Jersey.
David Jarvis and David Oropeza, the brokerage firm’s managing partners, represented Chatham Arms JV LLC in the sale. They also represented the buyer.
“Properties with strong locations, modern renovations and stable fundamentals continue to attract private capital,” Jarvis said. “Delivering a quick, efficient process while maintaining strong buyer interest was a key objective for our client.”
The firm noted Chatham Arms, located on a tree-lined, downtown street, is near NJ Transit rail service that provides direct access to Manhattan employment centers. Renters are also minutes from Route 24 and interstates 78, 80 and 287 as well as retail and dining options throughout the Chatham community.
ICON added that the property’s studio, one-bedroom and two-bedroom units have open floorplans with modern interiors after the recent updates. The former owner also upgraded common areas, while the building features a fitness center, laundry facilities, bike storage and high-speed internet access.
“Private investors continue to seek well-located multifamily opportunities that offer long-term stability,” Oropeza said. “This transaction reflects our ability to generate competitive interest and connect qualified buyers and sellers efficiently.”
