PGIM Real Estate Fund Completes 10th Acquisition With $73.5M Bronx Housing Purchase
PGIM Real Estate Fund Inc. completed its 10th property acquisition with the purchase of The Arbor, a 127-unit housing community in the Riverdale neighborhood of the Bronx, N.Y., for $73.5 million, the firm said.
The interval 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 as the property undergoes a value-add capital improvement program.
The acquisition marks a portfolio milestone for the registered fund, which has now deployed $260 million in capital across gross property value exceeding $632 million.
The Bronx closing follows the fund’s conversion from a tender offer fund to an interval fund structure, completed in April. Despite the conversion, the fund remains taxed as a real estate investment trust. PGIM Inc., the fund’s subadviser, said the conversion provides shareholders a more transparent and predictable liquidity framework through mandatory quarterly repurchase offers.
Damon Bright, senior portfolio manager for the PGIM Real Estate Fund, said each investment in the portfolio has been sourced with the same discipline applied to the firm’s institutional strategies.
Soultana Reigle, head of U.S. equity for PGIM’s real estate investment group, said the firm targets sectors tied to essential demand, including housing and logistics, that generate resilient income through market cycles.
PGIM’s real estate investment group manages $217 billion in gross assets under management and administration, with professionals in more than 30 cities worldwide.
PGIM is the global asset management business of Prudential Financial Inc. (NYSE: PRU), with $1.4 trillion in assets under management. Earlier this month, it launched its first private credit collective investment trust for defined contribution, or DC, retirement plans. The vehicle, formally named the PGIM Investment Grade Private Credit Fund of the Prudential Trust Company Alternative Investments Collective Trust, provides DC plans with exposure to investment-grade private placement and investment-grade asset-based finance securities.
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