Affiliates of Harbor Group International (HGI), a global real estate investment and management firm, announced the sale of Grove at Somerset, a 384-unit multifamily community in Somerset, N.J. CBRE facilitated the off-market transaction.
Built in 2013, the community is 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,” sai
