TruAmerica Multifamily has made its first transaction in the New York-New Jersey metro with the acquisition of The Grove at Somerset in Somerset, New Jersey, from Harbor Group International (HGI) affiliates.
This acquisition marks a milestone for the national vertically integrated multifamily investment firm that is based in Los Angeles—its continued Northeast expansion now comprises 4,600 units across 21 properties.
“The New York–New Jersey metropolitan area continues to stand out as one of the country’s most attractive multifamily markets due to its exceptional employment diversity and scale, strong renter demand, and favorable supply dynamics. At the same time, the affordability gap between renting and homeownership remains significant across much of the region, creating sustained demand for well-located rental housing,” says chief investment officer Noah Hochman. “For investors, the market offers opportunities to acquire high-quality communities and thoughtfully enhance them while maintaining attainable rent levels for residents, which aligns closely with TruAmerica’s long-term investment strategy.”
Built in 2013, the community is located within a supply-constrained, transit-oriented corridor with access to major regional employment centers and transportation routes. The Grove at Somerset sits on 42 acres, providing a mix of studio, one-, two-, and three-bedroom apartments as well as townhome-style residences with attached garages. Amenities include a clubhouse; a resort-style pool with a sundeck; a fitness center; grilling and picnic areas; a playground; a game room; a dog park; and electric vehicle charging stations.
According to TruAmerica, it plans to focus renovations on upgrading unit interiors while maintaining affordability relative to newer communities.
“Our ability to source this transaction off-market through longstanding industry relationships enabled us to acquire a well-maintained community at an attractive basis while positioning us to enhance the resident experience,” noted Wes LaBar, executive managing director and head of acquisitions. “With approximately 95% of unit interiors remaining in original condition, we see a compelling opportunity to modernize the community while preserving attainable rent levels within the market.”