Affiliates of Harbor Group International LLC (HGI), a global real estate investment and management firm, announced the sale of Grove at Somerset, a 384-unit multifamily community in Somerset, New Jersey. CBRE facilitated the off-market transaction.
Built in 2013, the community is located in one of Central New Jersey’s most desirable suburban multifamily markets, offering convenient access to major employment centers and transportation corridors, including Interstate 287 and Route 27.
During its ownership, HGI executed a targeted value-add strategy, focused on elevating the resident experience and driving revenue growth. Capital improvements included renovations to unit interiors and select community upgrades to position the property to capitalize on the area’s strong renter demand and healthy multifamily fundamentals.
“This sale reflects the successful execution of our business plan for Grove at Somerset and the resilience of Central New Jersey’s multifamily market,” said Lane Shea, managing director at HGI. “Over the past several years, multifamily transaction markets have faced considerable headwinds, making disciplined asset management and timing increasingly important. Through active management and strategic investments in the community, we’ve strengthened the property’s competitive position and ultimately delivered a successful outcome on behalf of our investors.”
