Avalon Of Alpharetta Has A New Owner

Alpharetta’s Avalon Has A New Owner

The recession is definitely behind us, and the real estate market in Alpharetta is doing pretty well. One of the success stories here is that of Avalon, a mixed-use property developed by North American Properties. Avalon has grown into a modern-style community since it was opened two years ago.

With a mix of restaurants, stores, offices and luxury apartments, you can see why investors would be happy to get their hands on this $600 million goldmine.

Avalon Alpharetta sold 2016

North American set out to create a community, more than a retail center, that was immune from the effects of e-commerce by offering “experiential retail” and a unique living experience…

The first phase of the $600 million Avalon development includes 250 luxury apartments, 390,000 square feet of high-end retail and 105,000 square feet of office space. PGIM Real Estate also acquired a 3.3-acre tract slated for a future office tower.

A Whole Foods Market, Crate & Barrel, Anthropolgie, Antico Pizza, Coletta, Regal Cinemas and Tesla are among Avalon tenants. Via My AJC…

PGIM Real Estate, an arm of Prudential Financial, is the new owner of Avalon. PGIM acquired the first phase of the Alpharetta project and is set to acquire the second phase once it’s complete. Avalon was an immediate hit following its opening in the fall of 2014. All the retail and office spaces are fully leased, while the apartments are 98 percent leased.

In fact, the retail spaces of the second phase are already 80 percent pre-leased despite the fact that it’s still under construction. You can bet that PGIM is happy with their new acquisition.

fireworks over the Avalon Alpharetta

“Avalon is one of the premier mixed-use development projects in the United States,” said Kevin R. Smith, head of Americas at PGIM Real Estate. “The acquisition provides our investors with a rare opportunity to acquire a trophy-quality mixed-use property in a strong demographic area, and is consistent with PGIM Real Estate’s strategy to acquire experiential retail centers in markets that are poised to continue to benefit from an increase in consumer discretionary spending.” Via Patch.com…

The second phase, much like the first, will include 276 apartments, retail and office spaces as well as a hotel and conference center. Currently under construction, it is expected to open in 2017, with the retail and residences opening in April while the hotel opening later in January 2018.

So why is it a success story? Well, it was initially meant to be a development project that would include high-rises and high-end retail. Unfortunately, the Great Recession came, the project collapsed and the Old Milton Parkway site sat abandoned for a few years before NAP came in and saved the day.

Avalon, which was developed by North American Properties, was the second act for a site that was previously envisioned as Prospect Park by another development group. That development was scuttled by the recession before North American and investment partners acquired the site and set about crafting a new vision of a walkable mini-city just east of Alpharetta’s downtown. Via AJC…

The acquisition presents minimal if any interruptions to existing businesses, their customers and tenants in Avalon. North American Properties will remain the retail center’s manager. The apartment operator won’t change either.

Start your Alpharetta home search in here.

All image via Avalon’s Facebook page

 

Avalon Of Alpharetta Has A New Owner syndicated from http://www.quicksilverga.com/

Advertisements

314 Hawkstone Way, Alpharetta, GA 30022

Home Details for 314 Hawkstone Way, Alpharetta

3 Beds

2 Baths

950 sqft

$ 1,300/ month

Updated 3Bed/2Bath condo in active Rivermont Village.

Very private home on the terrace level with a 3rd bedroom that can also be used as den, bonus or office.

Open floor plan. Like new w/ fresh paint, new hardwood floors & carpets, W/D are included, electric is the only utility you pay.

Enjoy pool, tennis, clubhouse and 20+ acre private park on the river.

Close to shopping, top rated schools, off Holcomb Bridge & Barnwell Rd.

Move in ready.
Long term lease available

Lease Details

Rent

$1,300/mo

For rent by

Agent/Broker

Terms

Long term lease available

Deposit

$1,300

Date Available

Available

Lease Duration

1 Year

Property Details

Property Type

Condo

Square Feet

950

Pet Policy

No

Laundry

Washer/Dryer

Bedrooms

3 Bedroom

Year Built

1985

Parking Spaces

Off street Condo

Bathrooms

2 Bath

Furnished

No

Amenities

Additional Features

Clubhouse
Living room
Cable Ready
High Speed Internet Ready
Transportation
Wired

Heating & Cooling

Cooling: Central, Other
Heating: Forced air
Ceiling Fan

Appliances

Garbage disposal
Microwave
Dishwasher
Refrigerator
Range / Oven

Construction

Exterior material: Wood
Room count: 5
Stories: 1

Features

Patio
Gated Entry
Pool
Fitness Center
Tennis Court
Storage
Flooring: Hardwood, Tile

Contact Information

Sam-Shechter

Sam Shechter

Agent

678-695-8895

sam@quicksilverga.com

Check out my other properties for lease.

314 Hawkstone Way, Alpharetta, GA 30022 syndicated from http://www.quicksilverga.com/

314 Hawkstone Way, Alpharetta, GA 30022

Home Details for 314 Hawkstone Way, Alpharetta

3 Beds

2 Baths

950 sqft

$ 1,300/ month

Updated 3Bed/2Bath condo in active Rivermont Village.

Very private home on the terrace level with a 3rd bedroom that can also be used as den, bonus or office.

Open floor plan. Like new w/ fresh paint, new hardwood floors & carpets, W/D are included, electric is the only utility you pay.

Enjoy pool, tennis, clubhouse and 20+ acre private park on the river.

Close to shopping, top rated schools, off Holcomb Bridge & Barnwell Rd.

Move in ready.
Long term lease available

Lease Details

Rent

$1,300/mo

For rent by

Agent/Broker

Terms

Long term lease available

Deposit

$1,300

Date Available

Available

Lease Duration

1 Year

Property Details

Property Type

Condo

Square Feet

950

Pet Policy

No

Laundry

Washer/Dryer

Bedrooms

3 Bedroom

Year Built

1985

Parking Spaces

Off street Condo

Bathrooms

2 Bath

Furnished

No

Amenities

Additional Features

Clubhouse
Living room
Cable Ready
High Speed Internet Ready
Transportation
Wired

Heating & Cooling

Cooling: Central, Other
Heating: Forced air
Ceiling Fan

Appliances

Garbage disposal
Microwave
Dishwasher
Refrigerator
Range / Oven

Construction

Exterior material: Wood
Room count: 5
Stories: 1

Features

Patio
Gated Entry
Pool
Fitness Center
Tennis Court
Storage
Flooring: Hardwood, Tile

Contact Information

Sam-Shechter

Sam Shechter

Agent

678-695-8895

sam@quicksilverga.com

Check out my other properties for lease.

What’s Happening in the Real Estate Market?

wp pic

This is a pretty common question that a potential home buyer or seller may be asking themselves. Leading economists in real estate converged in New Orleans this past week as they presented their answer to this question at the 50th Annual Real Estate Journalism Conference for the National Association of Real Estate Editors.

Here are the top takeaways from the week of presentations:

Many of the conversations at the conference came back to the impact that Millennials and first-time home buyers will have on the market in the future. Jonathan Smoke, Chief Economist for realtor.com had this to say:

“At any given time in our history, demographics would explain 60-80% of what’s happening [in the market], and we are in a period of time where Millennials make up a largest demographic group according to the Census, at 84 million.”

According to the National Association of Realtors (NAR), the median first-time home buyer age is 30 and many millennials are entering a prime age to drive the housing market into the future.

Lawrence Yun, Chief Economist for NAR shared that myths and affordability may be holding back potential buyers:

“84% of current renters have the desire to own. While 36% believe they cannot afford a home and 60% of renters believe it would be ‘difficult’ to qualify for a mortgage.

Ellie Mae’s Vice President, Jonas Moe encouraged buyers to know their options before assuming that they do not qualify for a mortgage:

“Many potential home buyers are ‘disqualifying’ themselves. You don’t need a 750 FICO Score and a 20% down payment to buy.”

The National Multifamily Housing Council (NMHC) revealed that Millennials and Baby Boomers are often competing for the same housing inventory, causing a challenge as these two groups are the largest generations by population.

Both groups are looking for affordable, convenient homes close to city centers and ‘what’s happening.’

Bottom Line

The experts agree that homeownership is still desirable across all demographic groups, with Millennials and Baby Boomers having a great impact on available supply. If your dreams include owning your own home, meet with a local real estate professional who can evaluate your ability to buy now!

 

This post was originally published here: What’s Happening in the Real Estate Market?