PGIM Real Estate Fund buys The Arbor (127 units) in the Bronx for $73.5M

PGIM said the PGIM Real Estate Fund, Inc. purchased The Arbor, a 127-unit residential community in the Riverdale neighborhood of the Bronx, New York, 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. PGIM said apartments are expected to be re-leased in two phases starting in July 2026 and the property will undergo a value-add capital improvement program.