Harbor Group, Cammeby’s team up on $1B NJ apartment buy

5,300-unit portfolio is spread across 41 Garden State properties

Tri-State /
Jun.June 23, 2021 03:55 PM
Harbor Group’s Jordan Slone (right) and Cammeby's International founder Rubin Schron (iStock)

Harbor Group’s Jordan Slone (right) and Cammeby’s International founder Rubin Schron (iStock)

Harbor Group and Cammeby’s International are set to ink one of the biggest New Jersey apartment deals in recent memory.

The two investors are in contract to buy a portfolio of 5,300 units for more than $1 billion, sources familiar with the transaction told The Real Deal.

The apartments are spread across 41 properties in the northern and central parts of the Garden State.

The apartments are mostly Class B properties with an average age of 50 years. The new buyers plan to make capital improvements and boost rents in New Jersey markets with long track records of strong demand, according to sources.

Representatives for Harbor Group and Cammeby’s could not be immediately reached for comment.

The seller, a private family, listed the portfolio with an Eastdil Secured team of Gary Phillips, Will Silverman and Jeff Organisciak. A representative for Eastdil declined to comment.

Harbor Group, run by CEO Jordan Slone, is on a buying spree. The Norfolk, Virginia-based firm recently paid $54 million for an apartment complex in Rockland County, in addition to an $81 million buy in Boca Raton and a $47 million purchase in Pomona, California.





    Related Articles

    arrow_forward_ios
    331 Elmora Avenue and 103 Ryan Street (Kislak Realty)
    Tri-state deal roundup: Multifamily, industrial still hot
    Tri-state deal roundup: Multifamily, industrial still hot
    Seth Boyden Court in Newark NJ with Great Point Studios CEO Robert Halmi (Loopnet, Great Point Studios, iStock)
    Film studio to replace vacant public housing in Newark
    Film studio to replace vacant public housing in Newark
    Parkview’s Paul Rahimian and 1800 Avenue at Port Imperial (Parkview Financial, Handel Architects, Illustration by Kevin Cifuentes for The Real Deal)
    Chinese developer Hongkun faces foreclosure on luxury NJ condo
    Chinese developer Hongkun faces foreclosure on luxury NJ condo
    Don Ghermezian, CEO, Triple Five Group, in front of the American Dream Mall in East Rutherford (Triple Five Group, American Dream Mall, iStock)
    American Dream lost $60M in 2021
    American Dream lost $60M in 2021
    Industrial real estate (iStock)
    U.S. industrial vacancy falls to 27-year low
    U.S. industrial vacancy falls to 27-year low
    Michael and Dominick Alfieri (Facebook)
    Alfieri family disintegrates in fight over real estate fortune
    Alfieri family disintegrates in fight over real estate fortune
    Paterson councilperson Michael Jackson and 305-319 Pennsylvania Avenue in Paterson, NJ (City of Paterson, Google Maps)
    Lawsuit targets 171-unit development in Paterson
    Lawsuit targets 171-unit development in Paterson
    Alicia Keys and Swiss Beats (Getty)
    Alicia Keys and Swizz Beats sell Jersey mansion at a loss
    Alicia Keys and Swizz Beats sell Jersey mansion at a loss
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...