PGIM, the $1.4-trillion global investment management business of Prudential Financial, Inc., said Wednesday that the PGIM Real Estate Fund, Inc. has completed its 10th property acquisition with the purchase of The Arbor, a 127-unit housing community at 3260 Henry Hudson Pkwy. in the Riverdale neighborhood in the Bronx, at a gross capitalization of $73.5 million

The fund acquired the asset in a joint venture with Fetner Properties through a sale-leaseback with the seller, Columbia University, which uses it to house students, faculty and staff. Beginning in July 2026, apartments are expected to be re-leased in two phases and undergo 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.

PGIM Real Estate provided a $82 million floating rate loan on behalf of MetLife Investment Management and StreetLights Residential to refinance Mira at Midtown Union, a multifamily property located at 1301 Spring St NW in Atlanta.

The 26-story high-rise property has 355 units and 7,608 square feet of ground-floor retail. It includes a pool, resident lounge, sunset deck with fire pits and grills, pet spa/dog wash station, co-working spaces, and a multi-room fitness center. Mira at Midtown has studios with three bedrooms, that cost between $1,660 and $5,080 a month.

The community is part of a master-planned development called Midtown Union. It features a 612,000-square-foot office tower, the MIra, a 14-story, 230-key Kimpton hotel and 32,000 square feet of retail.

PGIM Real Estate sold 100 North Tampa, a 572,111-square-foot property. Commercial Edge reports the asset last traded in June 2007, when PGIM Real Estate acquired it from AIG Global Real Estate for $151.9 million.

The tower was completed in 1992 and was 83 percent leased at the time of sale. Among the tenants are Foley & Lardner, J.P. Morgan, Morgan Stanley and Cushman & Wakefield.

Formerly known as the Regions Building and the AmSouth Building, the 42-story tower was designed by HKS Inc. The high-rise underwent cosmetic renovations in 2013 and, more recently, a $21 million upgrade that included a new lobby and tenant lounge, as well as updates to the conference and fitness centers.

Other amenities at the property include a bank branch, sundry shop and dry cleaning, along with some 11,000 square feet of retail space. A JLL team led by Hermen Rodriguez represented the seller and procured the buyer.

PGIM Real Estate has provided $74.5 million in fixed-rate financing to Stonepeak for the acquisition of a three-asset, rail-served industrial portfolio located in Elwood, Illinois, just outside of Chicago.

The three industrial buildings are 100% leased and total 1,726,170 square feet. The assets are located within the CenterPoint Intermodal Center (CIC), a master-planned intermodal development that ranks among the top five busiest ports in the U.S. The three buildings also have access to the BSNF intermodal terminal, which is one of two intermodal terminals driving demand within the CIC.

“We are excited to finance Stonepeak’s acquisition as it expands its real estate portfolio, which targets opportunities at the intersection of infrastructure and real estate,” said Tom Goodsite, managing director at PGIM Real Estate, who led the financing for the transaction. “The industrial sector remains a priority asset class for PGIM Real Estate’s lending strategy, as it has maintained stable and promising fundamentals.”

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