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Student Housing Daily - May 28, 2026 - PGIM acquires Bronx housing asset

Student Housing Daily - May 28, 2026 - PGIM acquires Bronx housing asset

Virtus exits 612-bed community. Walker & Dunlop arranges $620M financing. JWU starts $42M conversion. Subtext's social media strategy. Four new student housing deals.

Aid Sopjani & Matt H
May 28, 2026

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NEWS ROUNDUP

ACQUISITION: PGIM acquires Bronx asset. PGIM said the PGIM Real Estate Fund has completed its 10th property acquisition with the purchase of The Arbor, a 127-unit housing community in Riverdale, 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 Columbia University, which currently uses the building to house students, faculty, and staff. Darin Bright, senior portfolio manager for the PGIM Real Estate Fund, said the acquisition marks an important milestone for the fund, which has now deployed $260 million in capital across more than $632 million in gross property value.

DISPOSITION: Virtus executes exit on 612-bed community. Virtus Real Estate Capital has completed the successful realization of Flats at Norman, a 612-bed student housing community serving the University of Oklahoma. Acquired in the second quarter of 2024, the investment strategy focused on a light value-add renovation plan and growing demand tied to OU’s move to the SEC. Virtus said the capital plan was completed about one year ahead of schedule and under budget, while rent growth and occupancy at sale materially outperformed the original underwriting. The investment was ultimately exited two years ahead of schedule.

FINANCING: Walker & Dunlop arranges $620 million financing. Walker & Dunlop arranged $620 million in financing for the acquisition of a 12-property, 7,578-bed student housing portfolio spanning 10 states and 12 universities, marking the largest student housing acquisition and financing completed so far in 2026. The financing was arranged on behalf of a joint venture between The Scion Group and Ares Management. The Walker & Dunlop team included Dustin Stolly, Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Sean Reimer, Michael Ianno, Christopher de Raet, Nicholas Gilhooley, Brendan Coleman, Colin Coleman, and Will Baker. BMO provided the balance sheet floating-rate financing.

DEVELOPMENT: JWU starts $42 million conversion of hotel into student housing. Johnson & Wales University has started a $42 million redevelopment of a former hotel in Charlotte’s Third Ward, converting the eight-story, 97,000-square-foot building into upperclassman housing with 150 rooms and 276 beds. The project is expected to take about two years and will also include a 6,500-square-foot welcome center that will serve prospective students by day and function as a lounge at night.

READ: Subtext’s social media strategy.