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Half-stake in CityView's Bay Area apartment portfolio sells for $250M

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Half-stake in CityView's Bay Area apartment portfolio sells for $250M

PGIM Real Estate paid $250 million to acquire a 50% stake in CityView's apartment portfolio in the San Francisco Bay Area, the San Francisco Business Times reported.

The Los Angeles County Employee Retirement Association, CityView's equity partner, sold the stake and owns the remaining interest, according to the report.

The more than 700-unit portfolio comprises the 94-unit Arc Light and the 196-unit Potrero Launch properties in San Francisco; the 143-unit Berkeley Central in downtown Berkeley, Calif.; the 166-unit One Hundred Grand in Foster City, Calif.; and the 146-unit Menlo Park building in Menlo Park, Calif.

PGIM Real Estate is the real estate investment arm of Prudential Financial Inc. unit and asset manager PGIM Inc.