Dove Management Acquires Multifamily Building In Newark For $7.5 Million Represented By ICON Real Estate Advisors

A 58-unit multifamily building was sold for $7,500,000 located at 469 Elizabeth Avenue in Newark, New Jersey. The property, built in 1920, is a six-story structure situated in the Weequahic section, conveniently near parkland and transit access.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $7,500,000
• Address: 469 Elizabeth Avenue
• Market: Newark
• Units: 58
• Price Per Unit: $129,310
• Buyer: Dove Management
• Seller: Newark 469 Elizabeth LLC
• Brokers: David Jarvis & David Oropeza - ICON Real Estate Advisors

ICON Real Estate Advisors facilitated the transaction, representing both Dove Management as the buyer and Newark 469 Elizabeth LLC as the seller. The managing partners of ICON noted their long-standing relationship with the seller, contributing to the successful closing of the transaction.