Avatar Holdings Closes On Estrella Land Purchase
187-Acre Parcel Expands its CantaMia Active Adult Community at Estrella
Scottsdale, Ariz. (Dec. 15, 2011) – Avatar Holdings, (AVTR: NASDAQ) a publicly-held community developer and homebuilder in Arizona and Florida, announced today that they closed on the purchase of a 187-acre parcel located in the Estrella master-planned community in Goodyear, Arizona. The purchase will allow the company to expand the development of its CantaMia active adult community which opened in February of 2010.
CantaMia, an innovative, gated, green and solar community is planned for approximately 1,700 homes and will be built in three phases. The first phase is planned for 629 homes; the second and third phases of development will comprise approximately 1,139 home sites. Avatar has an option agreement with Estrella’s developer, Newland Communities, to purchase a 139-acre parcel that will comprise the third phase of the community.
Carl Mulac, President of Avatar Properties Inc., said the purchase will enable the company to move into itsPhase II operations without delay. “We have made a significant investment at CantaMia in Estrella and this purchase validates our ongoing commitment to this community and its residents,” Mulac said. “As the homebuilding industry continues to regain its momentum, we continue to see more optimism from our future residents and expect that to translate into new sales in the very near future,” he added.
“This is a very positive move regarding builder confidence in our community and the market,” said Greg Bielli, Regional President of Newland Communities. “Estrella has continued to experience a number of successes over the past year and with our new home sales already exceeding last years’ and this purchase we anticipate an even more robust 2012.”
Nate Nathan of Nathan & Associates, the exclusive agency that handled the transaction, agreed. “As Estrella’s surrounding area develops, builder activity has increased dramatically,” said Nathan. “The continued commitment and forethought given to each community plan has helped make Estrella become one of the most flourishing communities in the metropolitan area.”
In addition to the land purchase, Avatar is also adding two new floor plans to its collection of 14 at CantaMia. The new plans are both single story and will include solar as standard. The Aria plan is 1,419 square feet two bedroom/den home with an open living room and dining room area. The Concerto is a 2,600 square foot home with a dual master suite option and a retractable wall of glass allowing easy indoor-outdoor living. “These new plans will help us meet a market demand we’ve experienced at CantaMia,” said Mulac.
Just this spring CantaMia unveiled its 29,000 sq. ft. Village Center that features an outdoor resort-style pool, indoor pool with spa, fitness center, demonstration kitchen, yoga studio, card rooms, billiards and pickelball courts. “Our Village Center staff adds an important dimension to the lifestyle at CantaMia,” Mulac said. “Their planning and involvement in the many activities that take place on a daily basis help to create a fun and vital atmosphere for our residents,” he said. CantaMia offers buyers four different home series ranging in size from 1,189 to 2,852 sq. ft. The homes are certified under the Environments for Living® program and include an Echo™ Solar System that provides heating, cooling and hot water, providing up to 65% of the homes’ energy needs. Prices range from the high $150s to more than $300,000.
CantaMia is located approximately 14 miles south of the I-10 freeway on Estrella Parkway at17635 W. Tanglewood Drive. For more information call 877-768-4623 or visit www.CantaMia.com
Avatar Properties Inc. is a wholly-owned subsidiary of Avatar Holdings Inc. Avatar Holdings Inc. is engaged in real estate operations in Florida and Arizona. Avatar's principal operations are conducted in Poinciana, Solivita and Bellalago in central Florida near Orlando; and Seasons at Tradition in Port St. Lucie, Florida. In Arizona the company is developing CantaMia, The Preserve at Palm Valley, Sereno at Palm Valley in Goodyear; Arboleda Ranch and Blossom Hills in Phoenix; and Rio Rico, south of Tucson. Avatar's common shares trade on NASDAQ under the symbol AVTR. For more information, visit www.AvatarHomes.com.
Developer may change home design, materials, features, amenities, method of construction, floor plans, dimensions, square footage, prices, promotions, features, and amenities without prior notice. Availability subject to change. This is not an offer in states and jurisdictions where prior registration is required and void where prohibited by law. No offer for sale or lease can be made and no offer to purchase can be accepted prior to issuance of the final Arizona Public Report. A public report is available on the Arizona state real estate department website located at www.re.state.az.us. ROC 256789. Copyright © 2011 Avatar Properties Inc. All rights reserved. CANTAMIA, and AVATAR are the exclusive trademarks and service marks of Avatar Properties Inc.
About Newland Real Estate Group, LLC. Newland is a diversified real estate company leveraging a national platform and over 40 years of experience to perform challenging and diverse development, investment, management, and advisory services across a wide range of real estate. The company’s mixed-use development business, Newland Communities, actively owns, operates and develops premier residential master-planned, commercial, retail, and urban mixed-use real estate across the U.S. Headquartered in San Diego, Calif., Newland and its affiliated companies have completed, or have underway, more than 140 diverse real estate developments, more than 20 million square feet of commercial and retail space, and 175,000 residential units in 14 states.
About Estrella by Newland Communities, located approximately 17 miles from downtown Phoenix on Estrella Parkway in Goodyear, Estrella provides a lakeside mountain oasis nestled in the Sierra Estrella Mountains in the Sonoran Desert Valley. Estrella currently offers more than 500 acres of parks and open space including 72 acres of lakes for boating and fishing, the Starpointe Residents Club, hiking trails, basketball, and volleyball and tennis courts. Estrella is also home to a Nicklaus-design championship golf course. Estrella's sense of seclusion is enhanced by the adjacent 19,840-acre Estrella Mountain Regional Park. The land use plan for Estrella calls for approximately 50,000 homes, about 1,600 acres of commercial and a build-out of approximately 25 years (approximately 2032). For more information, please visit www.estrella.com.
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