TruAmerica Multifamily Acquires 384-Unit The Grove Somerset From Harbor Group in Off-Market Deal
TruAmerica Multifamily has acquired The Grove Somerset, a 384-unit Class A apartment community at 500 Bristol Blvd. in Somerset, N.J., from affiliates of Harbor Group International. The off-market transaction closed June 25, 2026, and marks TruAmerica's first investment in New Jersey and its entry into the New York–New Jersey metropolitan area.
The sale price was not disclosed. The prior ownership had capitalized the asset with an $88 million, 10-year Freddie Mac acquisition loan, underscoring the property's institutional profile.
Property Overview
The Grove Somerset — previously branded Avalon Somerset at its 2013 delivery — sits on approximately 41 to 42 acres in the Somerset section of Franklin Township, Somerset County. The community comprises 14 buildings, including 12 three-story structures, one four-story building and a 1.5-story clubhouse. The property offers a mix of studios, one-, two- and three-bedroom apartments, as well as townhome-style units with attached garages, with approximately 468 covered and surface parking spaces.
Amenities include a fitness center, residents' lounge, outdoor pool with sun deck and grilling areas, dog park, children's playground and EV charging stations.
Harbor Group held the asset for approximately six years, during which the property underwent a targeted value-add program. Despite that prior renovation activity, approximately 95% of unit interiors remain in their original 2013 condition, a factor TruAmerica cited as central to its investment rationale.
TruAmerica's Value-Add Strategy
TruAmerica plans to modernize unit interiors and community amenities while positioning rents below those of competing developments in the area. The firm's strategy targets renters seeking upgraded housing who are priced out of the newest Class A deliveries — a dynamic particularly relevant in suburban New Jersey, where replacement costs and property taxes push new construction rents beyond the reach of many mid-income households.
The transaction was sourced off-market through existing relationships. CBRE's investment sales team, led by Jeffrey Dunne and including Stuart MacKenzie, Travis Langer and Eric Greenberg, brokered the deal. CBRE had also handled the prior acquisition of the asset by Harbor Group and its joint-venture partner, Azure Partners.
Northeast Expansion for TruAmerica
The Somerset acquisition expands TruAmerica Multifamily's Northeast footprint to more than 4,600 units across more than 20 communities. The firm, founded in 2013 and headquartered in Los Angeles, describes itself as a national, vertically integrated multifamily investment firm focused on addressing essential housing needs.
TruAmerica has identified New Jersey suburban markets surrounding New York City as positioned to perform well in the current environment, citing supply constraints and the strength of commuter-oriented population and employment nodes. The Somerset asset fits that profile, offering access to transit corridors serving the broader metro area.
The deal reflects a broader strategic shift by TruAmerica toward high-barrier coastal and near-coastal markets, moving beyond the Sun Belt markets that have historically dominated its acquisition activity.
About the Firms
TruAmerica Multifamily is a Los Angeles-based multifamily investment firm founded in 2013. Harbor Group International is a privately held real estate investment and management firm active across multifamily and commercial property sectors.
Sources: TruAmerica Multifamily