PGIM Real Estate Fund buys The Arbor, a 127-unit Bronx community, at $73.5M cap

PGIM Real Estate Fund, Inc. acquired The Arbor, a 127-unit housing community in the Riverdale neighborhood of the Bronx, New York, according to a Business Wire announcement carried by FT Markets. The transaction was completed in a joint venture with Fetner Properties and structured as a sale-leaseback with the seller, Columbia University. The announcement states the acquisition was completed at a gross capitalization of $73.5 million.