Avalon’s first phase opened in October 2014, but the 86-acre Alpharetta mega-project still has a lot of construction going on. Work continues on offices, 276 more luxury apartments, a medical office building, a hotel and conference center, retail space, and single-family homes. Construction on this phase is expected to last at least into the middle of next year.
With all this happening, the 1.1 million square feet sold for an undisclosed amount to PGIM Inc., an international real estate investment wing of Prudential Financial. Kevin R. Smith, the head of PGIM Real Estate’s American operations, has called the incomplete project “one of the premier mixed-use development projects in the United States” and a “trophy-quality . . . property.” The seller, North American Properties will now work on their next Atlanta venture, the overhaul of Colony Square.