ICON Real Estate Advisors has arranged the $4.1 million off-market sale of 5-7 Kelly Parkway, a 25-unit apartment building in Bayonne, New Jersey, following more than 50 years of ownership by the Brancatella family.
David Betesh, Director of Multifamily at ICON Real Estate Advisors, represented both the seller and the buyer in the transaction.
This marks the second multifamily transaction Betesh has completed on Kelly Parkway, following the sale of a 36-unit apartment building at 41-43 Kelly Parkway in December 2024.
“The property generated strong investor interest because it combined stable income with the potential to increase residential rents by at least 30% over time,” said Betesh. “Representing both the buyer and seller allowed us to efficiently guide the transaction to a successful outcome.”
About ICON Real Estate Advisors
Headquartered at 1 Boland Drive in West Orange, New Jersey, ICON Real Estate Advisors was co-founded by Managing Partners David Oropeza and David Jarvis. Collectively, the firm’s partners bring more than 100 years of experience and over $20 billion in combined career transaction volume. ICON leverages longstanding client relationships to provide deep insight into local owners, investors and market dynamics, with a focus on multifamily investment sales across New Jersey, New York, Pennsylvania, Maryland and Virginia.
For more information, visit www.icon-rea.com or email [email protected].