PGIM Real Estate Fund JV buys The Arbor in Bronx for $73.5M

PGIM announced that the PGIM Real Estate Fund completed its 10th property acquisition with the purchase of The Arbor, a 127-unit residential community in Riverdale in the Bronx, New York. PGIM said the fund acquired the asset in a joint venture with Fetner Properties through a sale and leaseback with Columbia University. PGIM described the plan as re-leasing the apartments in phases and operating the property while it undergoes a value-add capital improvement program.