Asset type	Operational
Location	New York
Capacity	127 units
Seller	Columbia University
Buyer	Fetner Properties, PGIM
Value	US$65 million

The Arbor

Source: Columbia University

Columbia University will remain in place as a tenant under a temporary sale-and-leaseback agreement, ensuring continuity for existing student residents. Financial terms of the lease have not been made public.

The property comprises well-appointed apartments, each equipped with in-unit laundry, and offers a range of resident amenities including a fitness centre, playroom, secure bike storage, on-site parking and a rooftop terrace. A dedicated shuttle service also provides convenient access to Columbia’s Morningside campus.

To support the acquisition, Fetner and PGIM arranged $47.6 million in financing, including bridge funding. The proceeds will be used to reposition and enhance the nine-storey asset, which currently comprises 126 student units..

Strategic context

Columbia originally purchased the building in 2008 from L+M Development Partners for $67.6 million, when it was initially envisioned as condominium housing.

The transaction was brokered by Newmark.