Harbor Group International Sells Grove at Somerset After Successful Value Add Repositioning
Affiliates of Harbor Group International announced the sale of Grove at Somerset, a 384-unit multifamily community in Somerset, New Jersey. The off-market transaction was facilitated by CBRE. Built in 2013, the property sits in a suburban market with direct access to Interstate 287 and Route 27, positioning it near regional employment centers and transportation corridors.
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 intended to align the asset with local renter demand and the market’s 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.”
HGI’s statement notes the firm’s integrated national platform and recent industry standings, including ranking as the No. 1 multifamily buyer in 2025 according to MSCI and placement as the No. 15 apartment owner on the National Multifamily Housing Council’s Top 50 Owners list.
For owners and operators, Grove at Somerset illustrates a methodical approach to repositioning assets within stable suburban submarkets: identify improvements that enhance resident appeal, execute renovations that support revenue objectives, and manage timing in response to transaction market conditions. The transaction also highlights the role of off-market processes and institutional brokerage relationships in achieving liquidity for stabilized, upgraded communities.
Multifamily Leadership will continue to track how value-add strategies and active asset management shape outcomes across suburban and urban markets. Our events and content aim to surface practical insights from professionals executing these strategies and to support industry leaders navigating similar decisions.