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Blogs Karen's Blog Joseph Carl Homes Combines Operations with Avatar, Inc. - Great News!

Posted Oct 29, 2010 7:44 am (10 years ago)

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Finally!  Some great news from the homebuilding and real estate industry!

Avatar Holdings, Inc., listed on NASDAQ as AVTR, a leading real estate company in Floriday and Arizona, announced this week that it aacquired from JEN Partners LLC, a New York-based real estate private equity fund, a portfolio of prime real estate assets including Joseph Carl Homes, LLC, the Phoenix-based home builder and the developer and homebuilder of CantaMia, an active adult community in Estrella, and the single family communities of Blossom Hills, Arboleda Ranch, The Preserve at Palm Valley and Sereno at Palm Valley.

The newly-acquired properties will significantly expand Avatar's existing base in the two markets it specializes in -- Arizona and Florida.  It will also further expand Avatar's position into the highly-desirable active adult community (ages 55+) sector of the Arizona real estate market, and bring to the company a number of proven real estate executives, including Joseph Carl Mulac III, a former senior executive with Tousa, Inc.  Mr. Mulac, founder and CEO of Joseph Carl Homes, joins Avatar as Executive Vice President and President of its subsidiary, Avatar Properties, Inc.

This will be a company to watch in the future.  The company is well positioned to take advantage of current market opportunities and to strategically expand its operations.