Harbor Group International a global leader in real estate investment and management, on Wednesday announced the sale of the Grove at Somerset, a 384-unit multifamily community located in Central New Jersey. The off-market transaction was facilitated by CBRE.
The property, originally constructed in 2013, is situated in a high-demand suburban market with strong connectivity to major regional employment hubs via Interstate 287 and Route 27. During its holding period, HGI implemented a disciplined value-add strategy aimed at enhancing both the asset’s competitive position and the resident experience.
The firm’s capital improvement program focused on renovating unit interiors and performing select community upgrades, which enabled the property to capitalize on the region’s robust renter demand and healthy multifamily fundamentals.
The sale underscores HGI’s ability to navigate a challenging economic environment for real estate transactions.
“This sale reflects the successful execution of our business plan for Grove at Somerset and the resilience of Central New Jersey’s multifamily market,” Lane Shea, managing director at HGI said. “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.”
HGI remains one of the most active participants in the U.S. apartment sector. The firm recently demonstrated its market influence by ranking as the No. 1 multifamily buyer in 2025 according to MSCI. Furthermore, the National Multifamily Housing Council (NMHC) recently recognized HGI as the 15th-largest apartment owner in the United States.
