Harbor Group International Completes Sale of Multifamily Community in New Jersey

Harbor Group International (HGI), a notable player in the global real estate investment landscape, has successfully concluded the sale of Grove at Somerset. This multifamily community, featuring 384 living units, is situated in one of the most sought-after suburban markets in Central New Jersey.

Transaction Overview

The sale, facilitated off-market by CBRE, marks a significant milestone for HGI, reflecting its effective asset management and strategic approach in an increasingly competitive real estate environment. Founded in 1985, HGI has established a reputation for excellence in real estate investment, focusing on a range of properties including multifamily, office spaces, and other asset classes.

The Grove at Somerset, constructed in 2013, is strategically positioned near essential employment hubs and major transportation links, including Interstate 287 and Route 27. This location is a key factor in its appeal, given the robust renter demand in the area.

Value-Add Strategy

During HGI's ownership tenure, the firm implemented a focused value-add strategy aimed at enhancing tenant satisfaction and driving revenue increases. Significant capital improvements were made, which included impressive renovations to individual unit interiors and key upgrades to community amenities. These enhancements were designed to leverage the region’s positive multifamily market dynamics effectively.

Lane Shea, Managing Director at HGI, expressed satisfaction with the sale, stating, "This transaction exemplifies the successful realization of our business strategy for Grove at Somerset and highlights the resilience of the multifamily market in Central New Jersey. Over the years, the sector has faced various challenges, making astute asset management and timing crucial. Through diligent management and strategic community investments, we have reinforced the property's standing, resulting in a fruitful outcome for our investors."

HGI's Market Position

Leveraging its integrated national platform, HGI remains a formidable contender in the U.S. apartment market, consistently ranking among the top multifamily buyers. In 2025, HGI was recognized as the No. 1 multifamily buyer by MSCI and claimed the No. 15 spot on the National Multifamily Housing Council’s list of Top 50 Owners.

With its headquarters in Norfolk, Virginia, HGI conducts operations across major cities including New York, Baltimore, and Los Angeles, extending its global reach with offices in Hong Kong and Tel Aviv. The firm is noted for its diverse investor base, which encompasses institutional investors and family offices, thereby enhancing its capacity to engage in significant real estate transactions.

Conclusion

The successful sale of Grove at Somerset underscores HGI’s adeptness in navigating the multifamily landscape and executing strategic initiatives that resonate with market demands. As HGI continues to expand its portfolio, this transaction serves as an illustration of its commitment to creating value while adapting to the evolving real estate sector. Through visionary leadership and meticulous strategies, Harbor Group International is well-positioned to remain a dominant force within the multifamily real estate marketplace.