PGIM fund buys The Arbor (127 units) in Bronx for $73.5M

PGIM announced its PGIM Real Estate Fund completed the acquisition of The Arbor, a 127-unit housing 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 indicated the property is expected to be re-leased beginning in July 2026 in phases and will be operated as residential while undergoing a value-add capital improvement program.