PGIM, the global investment management business of Prudential Financial, announced that the PGIM Real Estate Fund, acquired 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-and-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-add capital improvement program.
The acquisition follows the fund’s recent conversion from a tender offer fund to an interval fund structure, completed on April 30. While still taxed as a REIT, PGIM, Inc., the fund’s subadvisor, believes that the conversion offers new and existing shareholders a more transparent and predictable liquidity framework through mandatory quarterly repurchase offers.
“A sharp repricing in real
