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PGIM Enters $500M Bay Area MF JV with CityView
PGIM Real Estate formed a joint venture with a public pension fund client of CityView to acquire a 50% interest in a $500-million portfolio of five Class A multifamily properties in the San Francisco Bay Area. PGIM Real Estate is acting on behalf of an institutional real estate investor, and the portfolio was previously wholly-owned by CityView’s client.
The portfolio consists of five properties and totals more than 700 units. The properties are located throughout the Bay Area, and were all built from 2012 to 2017, including:
– Arc Light, a 94-unit property developed in 2013 in San Francisco (pictured)
– Potrero Launch, a 196-unit property built in 2013 in San Francisco
– Berkeley Central, a 143-unit loft-style property built in 2012 in Berkeley
– One Hundred Grand, a 166-unit property built in 2016 in Foster City
– Menlo Park, a 146-unit property delivered in 2017 in Menlo Park
The deal represents the largest ever Western US apartment portfolio acquisition by gross market value for PGIM.
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