Avalon — the posh mixed-use slice of urbanity in Alpharetta — has been sold to international real estate investment investment group PGIM Inc., a wing of Prudential Financial.
Less than two years old, the project encompasses more than 1.1 million square feet and sold for an undisclosed amount. When the property was first listed, the Atlanta Business Chronicle suggested it could fetch a half-billion dollars.
For the money, the development does require some assembly. The project's first phase opened to great fanfare in October 2014, but there's still a lot of construction happening on the 86-acre site.
Work continues on 90,0000 square feet of offices, 276 more luxury apartments, a hotel and conference center, a medical office building, single-family homes, and retail including a beer garden. Construction on this phase will last through at least the middle of next year.
Despite Avalon's incomplete state, the firm seems satisfied with the purchase. In a press release, the head of PGIM Real Estates’s American operations Kevin R. Smith called the project "one of the premier mixed-use development projects in the United States," and a "trophy-quality... property."
Let's hope the seller, North American Properties, will pour their earnings into making their next huge Atlanta venture — the overhaul of Colony Square — something remarkable.