Page 54 - RE-NJ

52 MARCH 2026
OROPEZA, JARVIS
LAUNCH ICON
WITH $35 MILLION
PISCATAWAY DEAL
Two former brokers with Gebroe-
Hammer Associates have launched
a new venture, ICON Real Estate
Advisors, marking its debut with the
sale of a 110-unit rental property in
Piscataway.
The firm, led by managing partners
David Oropeza and David Jarvis,
represented a private developer
in the $35.1 million deal at 67 Old
New Brunswick Road. The buyer,
Landmark Cos., completed the
transaction as part of a Section 1031
like-kind exchange.
According to ICON, the nearly six-
year-old property known as The
Grove at Piscataway is 100 percent
occupied, boasting immediate
access to major highways and
key employment hubs in New
Brunswick and Edison. Renters
of the luxury property, which
includes 22 affordable housing
units, also have access to amenities
such as a pool, a fitness center,
coworking and social lounges and
secure parking with electric vehicle
charging.
“Our objective in forming ICON
was to build a partner-led platform
where experience, relationships
and execution define the business,”
Oropeza said. “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.”
The Grove at Piscataway at 67 Old New Brunswick Road in Piscataway
In a separate news release, JLL
said senior managing directors
Mike Oliver, Jose Cruz and Steve
Simonelli, senior directors Elizabeth
DeVesty and Ryan Robertson and
Director Austin Pierce represented
Landmark Cos. in its acquisition of
the property.
“The Grove at Piscataway
represented an exceptional
opportunity to acquire a newly
constructed, luxury multifamily
asset in a prime location with
strong fundamentals,” Oliver said.
“The property’s high-end finishes,
resort-style amenities and proximity
to major employment centers and
transportation hubs made it an
attractive investment for Landmark
Companies as they pivot their
company in a new direction.”
The deal follows the launch of West
Orange-based ICON, which advises
private owners, family office and
institutional investors throughout
the Mid-Atlantic region. Its team
also includes Managing Director
Justin Lupo, who previously
co-led Cushman & Wakefield’s
Northeast multifamily platform, as
well as Director David Betesh and
Associate Ben Susskind.
Collectively, the ICON’s partners
bring more than 100 years of
experience and more than $20
billion in combined career
Courtesy: ICON Real Estate Advisors
From left: ICON Real Estate Advisors’ team includes Ben Susskind, David Jarvis, David Oropeza, Justin Lupo and David Betesh.
Courtesy: ICON Real Estate Advisors
transaction volume. Oropeza
spent 38 years at Gebroe-Hammer,
consistently ranking among its top
producers and playing a pivotal role
in expanding its presence across
New Jersey, while Jarvis logged
more than 25 years at the storied
brokerage firm.
Both joined Cushman in 2023 as
executive managing directors.
“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 transaction came as part of a
Section 1031 like-kind exchange
in which Landmark sold legacy
properties constructed in the 1970s,
the majority of which its families
built, and replaced them with The
Grove at Piscataway and Hudson
5401 Apartments in Raleigh, North
Carolina.
“We are making an effort to position
our company for future success
by improving the product type
we own and manage,” Landmark
principals Eric Harvitt and Michael
Gottlieb said. “By trading older
properties for newer construction,
we are modernizing our portfolio
for the next generation of residents
and reinforcing our commitment
to holding high-quality assets for
decades to come.”