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Prudential Financial's real estate investment arm has acquired more of Avalon.
PGIM Real Estate has picked up the second phase of Alpharetta's Avalon project for $109.2M, according to the Atlanta Business Chronicle. The second phase includes 90K SF of commercial development and 276 apartments.
This is PGIM's second helping of Avalon. Last year, the firm purchased the first phase of the 86-acre project, including its open-air retail center and multifamily, for $500M from North American Properties.
Phase 2 of Avalon includes a 330-key Marriott International Autograph Collection hotel, developed in a joint venture between North American Properties, Stormont Hospitality Group, Long Wharf Real Estate Partners and the City of Alpharetta. It was unclear as of press time if the convention center hotel is part of PGIM's purchase.
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