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.

INDUS Realty Trust is developing INDUS Commerce Center @ 840, a 2.15 million-square-foot master-planned logistics park in the Nashville market. INDUS recently completed the acquisition of the 189-acre development site, which is located immediately off I-840 in Lebanon. 

ICC@840 is currently designed with four buildings and can accommodate tenants ranging from 250,000 to 1 million square feet. INDUS intends to build out the park on a speculative basis, while also pursuing build-to-suit opportunities. All of ICC@840 is fully pad-ready, with mass grading effectively complete.

INDUS is commencing vertical construction on the first building in the park, a 507,000-square-foot speculative cross-dock.

Will Goodman and Jack Armstrong with CBRE are the listing brokers for the development.

INDUS says it focuses on acquiring and developing mid-sized properties, typically ranging from 100,000 to 600,000 square feet, designed for single or multi-tenant use.

Greystar has finalized a public-private partnership with The University of Texas at Austin to develop, design, build, and operate the Law School Village, a new apartment community that is the university’s first dedicated housing for law students. The Law School Village is fully financed by the University, with Greystar as the third-party developer, general contractor, and facility manager.

Located directly across the street from the UT Austin School of Law, Law School Village will offer 340 apartment beds in 280 studio, 1-bedroom, and 2-bedroom units. The project is expected to be completed in time for the 2028-29 academic year.

The 14-story community will feature amenities including a large library-style sky lounge, a cafe, a fitness and yoga area, an expansive courtyard, future coffee shop retail, and two roof decks. It is designed by Lemmo Architecture and Design, with Meeks + Partners serving as the architect of record. 

Law School Village is the eighth on-campus partnership closed by Greystar in the last 12 months. 

Empire Group of Companies has replaced Diversified Partners with SimonCRE to complete the buildout of a proposed 120,000-square-foot retail center in Carefree. The Phoenix Business Journal reports the move was made due to an issue with delivering tenants. The Carefree Quarter project is expected to cost $60 million to build. The development will break ground in early 2027. Empire Group acquired the land in 2017 for $6.5 million.

The plan is for a 30,000-square-foot grocery store with a 16,000-square-foot building attached. There will also be three shops and eight pad buildings ranging in size from 1,700 square feet to 4,700 square feet,

Empire is working on a project in downtown Phoenix that will become Arizona’s tallest tower. Arro is a 1.8 million-square-foot development that includes two towers, each home to a hotel, residential units, a restaurant and office space. Anticipated groundbreaking is early next year.

CenterSquare Investment Management has announced a joint venture partnership with one of the country’s largest state pension funds. The joint venture is focused on institutionalizing the niche Essential Service Retail (ESR) sector and seeks to acquire 30 to 40 properties by late 2026.

CenterSquare’s ESR strategy invests in e-commerce-resistant, high-quality service retail properties that meet specific investment criteria at attractive pricing. Utilizing a data-driven approach, CenterSquare’s ESR team identifies and invests in neighborhood shopping centers located in high-growth markets.

These centers offer essential services, including food and beverage, fitness, beauty, health and medical, and business services to the public. ESR tenants are regional and national brands whose customers must physically visit the store to consume the service or product.

CenterSquare’s existing ESR portfolio currently spans 50 properties across the United States. With this new programmatic joint venture, CenterSquare will seek to nearly double the size of its ESR portfolio over the next two years.

Areté Collective and the Wasatch Group closed on a $106 million financing for Thomas Ranch, a residential community in Spicewood, Texas. The non-recourse, tax-exempt bond, underwritten by D.A. Davidson’s Development Finance Group, will provide the developer with proceeds to implement its 2,200-acre master plan in the Texas Hill Country. 

The financing’s primary purpose will be to complete the necessary public infrastructure. It will also support the first phases of residential development, including a new apartment complex.  

Upon full build-out, Thomas Ranch will include 3,500 units across all price points and types in distinct neighborhoods, with a downtown offering more than 465,000 square feet of commercial real estate for retail, a hotel, restaurants, service, and office space.

Thomas Ranch is located 30 miles north of Austin, Texas, along the Pedernales River and Lake Travis.

With the rate of office-to-residential conversions accelerating, a new venture has formed with plans to pursue $1B of the notoriously complex developments.

The former New York City FBI headquarters building converted to apartments by TF Cornerstone at 201 E. 69th St.

Dune Real Estate Partners and TF Cornerstone formed Alta Residential, a joint venture that plans to target buildings with high barriers to entry in transit-oriented residential neighborhoods. The partners are eyeing New York City, Washington, D.C., Boston, Charlotte, Raleigh, Atlanta, Dallas, San Francisco and Los Angeles, according to an announcement by the two New York City-based firms.

“Investors have reacted very positively to Alta as a means to access high quality urban residential, and we have already received significant interest from a wide range of investors,” Dune CEO Dan Neidich said in a statement.

TFC, founded by brothers Thomas and Fred Elghanayan, has developed more than 21M SF of residential and commercial properties, mostly in their hometown of New York. The company was formed in 2009 after a coin toss decided how they would break up the $3B real estate empire they owned with their brother, Henry, who runs Rockrose Development.

The private developer owns and operates nearly 12,000 residential units in Manhattan, Brooklyn and Long Island City, along with over 4M SF of commercial, office and retail space in New York, D.C., Virginia and Pennsylvania.

TFC has completed 5M SF of commercial to residential developments across 15 projects. Those conversions include 95 Horatio St., a former refrigeration facility in Manhattan’s Meatpacking District that was converted to 318 residential units, and The Fairfax, a former New York City FBI headquarters building at 201 E. 69th St., which was converted to 313 residences.

As part of the joint venture, TFC plans to oversee and partner with Alta to convert certain New York City office buildings into apartments, according to the announcement. A spokesperson couldn’t provide further details prior to publication.

In a statement, TFC CEO Thomas Elghanayan said that he is “confident that we’ll be able to scale Alta very quickly.”

Dune brings with it opportunity fundraising experience, according to the announcement. Since launching in 2005, the firm has raised over $4B of equity capital, including through its funds and other investment vehicles. It invests on behalf of public and private pension funds, sovereign wealth funds, educational endowments and other large institutions as well as high net worth investors. 

It has experience with bold projects in the city — it is a partner with Turnbridge Equities on the Bronx Logistics Center, a 1.2M SF industrial development that was one of the first multistory warehouses in the city. A deal was in place for New York City to lease or buy it for as much as $670M, but that was scuttled after a New York City Council oversight hearing looked into real estate contracts handed out by Mayor Eric Adams’ administration.

Up Campus Properties is proposing a 950-unit student housing project at Rural Road between Apache Blvd. and University Drive in Tempe. The project, which will have 2,391 bedrooms, will be reviewed by a Tempe town development review committee. In addition to the bedrooms, the project will include more than 14,000 square feet of restaurant space.

AZBEX reports the project, to be called Nova Tempe, is currently occupied by various commercial uses, including a gas station, retail and restaurants.

The amenities plan includes ground-floor open/courtyard spaces, a rooftop deck, pools, pickleball courts, fireplaces, recreation areas, and a walking/running track.

If approved, construction is expected to start in Q3 2025. The residential towers could take 28-30 months, and the garage could take 10-12 months. The design firm is Dwell Design Studio. 

Toro Development Company (TDC), secured financing for Medley, the $560 million, 43-acre mixed-use community coming to Johns Creek. The milestone paves the way for Medley’s groundbreaking in December, with an anticipated opening in late 2026.

The deal includes an equity investment from Ascentris and a $158 million construction loan from Banco Inbursa for the first phase. 

Located at the corner of McGinnis Ferry Road and Johns Creek Parkway, Medley will encompass 150,000 square feet of retail, restaurant and entertainment space, a 175-key boutique hotel, 110,000 square feet of lifestyle office, 750 multifamily residences, 133 townhomes and an activated 25,000-square-foot Plaza.

The company purchased the suburban office park for $44 million in March 2024 and has since razed a 350,000-square-foot office building to prepare the site for construction. TDC will renovate and incorporate the other existing office building into the master plan to create a commute-worthy workplace.  

Toro has already locked in over a dozen retail tenants signed up for Medley.

Ray and VeLa are again combining on a multifamily community, this one in Nashville. The 32-story, 367-unit Ray Nashville project will be valued at $211 million.  Construction financing for Ray Nashville was provided by J.P. Morgan and Monroe Capital and arranged by Walker & Dunlop. Ray Nashville is designed by architectural firm Johnston Marklee & Associates in partnership with Lamar Johnson Collaborative. Layton is the contractor.

Located in the Pie Town neighborhood at 601 Lafayette Street, the 32-story tower will encompass 575,000 square feet of developed space. Units will range from studios to three bedrooms. Amenities will include an indoor-outdoor fitness center, yoga studio, spa, lounge, outdoor pool, dog wash stations, coworking spaces and public and private parking. The project will include 4,700 square feet of retail and a public gallery on the ground floor that will showcase pieces from Nashville-based artists. Estimated completion is 2027.  The two firms recently broke ground on Ray Phoenix in Arizona.