PGIM, the global investment management business of Prudential Financial Inc., announced that the PGIM Real Estate Fund Inc. has 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, at a gross capitalization of $73.5 million. The transaction marks $260 million in capital deployed by the fund.
The fund acquired the asset in a joint venture with Fetner Properties through a sale and leaseback with the seller, Columbia University. Beginning in July 2026, apartments are expected to be re-leased in two phases and will be operated as a residential property while it undergoes a value-add capital improvement program.
“Reaching 10 property acquisitions, $260 million in capital deployed and over $632 million in gross property value are important proof points for this fund and for our broader commitment to opening institutional-quality private real estate to a wider pool of investors,” said Darin Bright, senior portfolio manager for the PGIM Real Estate Fund. “Each investment in this portfolio has been sourced with the same rigor and conviction we bring to our institutional strategies. The acquisition of The Arbor, which has very strong near-term growth potential, is a testament to that approach.”
The acquisition follows the fund’s recent conversion from a tender offer fund to an interval fund structure, completed on April 30, 2026.
“A sharp repricing in real estate and a slow, uneven recovery have set up a significant tailwind for the asset class,” said Soultana Reigle, head of U.S. Equity for PGIM’s Real Estate Investment Group. “Our real estate strategies invest in sectors tied to essential demand, including various housing formats and logistics, that persists through cycles regardless of the broader financial market backdrop. These stabilized real estate investments tend to generate resilient income with growth and lower volatility.”
