The asset involved in this transaction is a 31-unit renovated multifamily property located at 49 South Passaic Avenue in Chatham, New Jersey. This property, known as Chatham Arms, was sold for $11,200,000, resulting in a price per unit of $361,290. The transaction highlights the value of the multifamily market in Chatham.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $11,200,000
• Units: 31
• Price Per Unit: $361,290
• Market: Chatham

This transaction was facilitated by managing partners David Oropeza and David Jarvis from ICON Real Estate Advisors. The sale was marketed and placed under contract in approximately 30 days, indicating a robust demand for renovated multifamily properties in North Jersey.