PGIM Real Estate Fund, managed by PGIM, has completed its 10th property acquisition with the purchase of The Arbor, a 127-unit housing community in the Riverdale neighborhood in the Bronx, N.Y., at a gross capitalization of $73.5 million.
The fund acquired the asset in a joint venture with Fetner Properties through a sale-leaseback with the seller, Columbia University. Beginning in July 2026, apartments are expected to be re-leased in two phases and will be operated as a residential property while it undergoes a value-added capital improvement program.
“Reaching 10 property acquisitions, $260 million in capital deployed and over $632 million in gross property value are important proof points for this fund and for our broader commitment to opening institutional-quality private real estate to a wider pool of investors,” said Darin Bright, senior portfolio manager for the PGIM Real Estate Fund. “Each investment in this portfolio has been sourced with the same rigor
