Affiliates of Harbor Group International (HGI) have formed a joint venture with Cammeby’s International Group for the $1.05 billion acquisition of a portfolio of multifamily assets throughout New Jersey. The portfolio consists of 41 workforce housing communities, totaling 5,302 units.
HGI will invest approximately $46 million for capital improvements and enhancements across the properties. The firm will renovate 50 percent of the interior units and invest in operational improvements throughout the portfolio.
The portfolio spans 14 cities in north, central and south New Jersey, with a concentration in Union, Morris and Essex. A majority of the portfolio is located in key suburban markets near major New Jersey employers, including Prudential Financial, Johnson & Johnson, Bayer Corp. and Quest Diagnostics. The portfolio assets are also proximate to other key markets and employment hubs, including New York City and Philadelphia.