The Grove at Piscataway at 67 Old New Brunswick Road in Piscataway — Courtesy: ICON Real Estate Advisors
(Editor’s note: This story was updated Thursday, Feb. 19, with additional details from JLL, which represented the buyer.)
By Joshua Burd
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, which was undisclosed, 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.”
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 the West Orange-based firm, 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 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 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.”
