Joint venture pays $1B+ to acquire 41 multifamily communities in N.J.

Harbor Group International and Cammeby’s International Group have acquired 41 multifamily communities throughout New Jersey for $1.05 billion, Harbor Group said Wednesday.

The deal is a joint venture between the two real estate investment firms. HGI is based in Norfolk, Virginia, and Cammeby’s is based in New York City.

“As we continue to expand our investment platform, the acquisition of the Garden State portfolio represents the large-scale, attractive opportunities Harbor Group International identifies for our investors,” HGI President Richard Litton said. “This portfolio offers significant value-add potential and mark-to-market opportunity amid growing demand for housing outside of large urban cities.”

HGI will manage 10 of the communities and said it plans to invest approximately $46 million for capital improvements and enhancements throughout the portfolio, which spans 14 cities in North, Central and South Jersey, with a concentration in Union, Morris and Essex counties.