TruAmerica Enters the NYC Metro Market
It's the second time the property has traded since 2020.
Image courtesy of TruAmerica Multifamily
TruAmerica Multifamily has acquired The Grove Somerset, a 384-unit community in Somerset, N.J. Harbor Group Management sold the property in a sale arranged by CBRE.
The deal marks TruAmerica’s entry into the New York-New Jersey metro area. Since its foundation in 2013, TruAmerica Multifamily has grown to own and operate approximately 4,600 residential units across 21 properties in the Northeastern U.S.
The Grove Somerset last traded in 2020, when Harbor Group Management and Azure Partners purchased the asset for $110 million, or $286,458 per unit, according to Yardi Matrix information. JLL issued an $88 million acquisition loan.
CBRE Vice Chairman Jeffrey R. Dunne, First Vice President Stuart Mackenzie, Director Travis Langer and Financial Analyst Eric Greenberg led the investment sales team that arranged the transaction.
The Grove Somerset, up close
The Grove Somerset came online in 2013 at 1350 Easton Ave. on a 42-acre site. The property encompasses 13 buildings that are between two to four stories high. Out of the total number of residences, 12 are studios, 152 have one bedroom, 152 have two bedrooms and 68 have three bedrooms. Some units were built as townhouses with attached garages. Apartments layouts range from 496 to 1,371 square feet.
Shared amenities at the property include a clubhouse, a swimming pool with a sundeck, a fitness center, a grilling area, a playground, a game room, a dog park and EV charging stations. The new ownership already plans to upgrade the community, mainly focusing on apartment interiors.
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The Grove Somerset is across the road from Rutgers Preparatory School and Raritan River, some 17 miles west of the southern end of Staten Island, N.Y. Major thoroughfares connecting the area to New York City’s boroughs include Interstate 287 and the New Jersey Turnpike.
Earlier this year, TruAmerica purchased two multifamily communities comprising 157 units, namely Luxe Villas and Haven Apartments, both located in Brentwood, Calif., in the Los Angeles metro. The company is one of the largest multifamily owners in the U.S., with a portfolio comprising 65,000 units across 35 markets in 16 states.
