PGIM fund buys 127-unit The Arbor apartments 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 housing community in the Riverdale neighborhood in the Bronx, New York. PGIM cited a gross capitalization of $73.5 million for the transaction and positioned the acquisition as consistent with a strategy of sourcing institutional-quality private real estate for a broader investor base.