Harbor Group International Affiliates Announce Sale of Grove at Somerset in New Jersey

Affiliates of Harbor Group International announced the sale of Grove at Somerset, a 384‑unit multifamily community located in Somerset, New Jersey. CBRE facilitated the off‑market transaction.

Built in 2013, Grove at Somerset sits in one of Central New Jersey’s established suburban multifamily markets and provides convenient access to major employment centers and transportation corridors, including Interstate 287 and Route 27. The property’s location aligns with persistent renter demand for suburban product with regional connectivity.

During its ownership, HGI pursued a targeted value‑add strategy focused on elevating the resident experience and driving revenue growth. Capital improvements completed under HGI included renovations to unit interiors and select community upgrades intended to position the property to capitalize on the area’s 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."

CBRE handled the off‑market nature of the transaction. HGI noted the sale while continuing to leverage its integrated national platform; the firm was ranked the No. 1 multifamily buyer in 2025 by MSCI and was listed as the No. 15 apartment owner on the National Multifamily Housing Council’s Top 50 Owners list.

For operators and investors, the Grove at Somerset transaction highlights a continued emphasis on hands‑on asset management and targeted capital deployment to maintain competitiveness in suburban multifamily corridors. As market conditions evolve, the combination of location, resident‑focused upgrades, and disciplined execution remains a central consideration for multifamily investment strategies.