Profile: AV Homes Inc (AVHI.O)
17 May 2013
AV Homes, Inc. (AV Homes), formerly Avatar Holdings Inc., incorporated in 1970, is engaged in the business of homebuilding, community development, and land sales in Florida and Arizona. The Company's assets consist primarily of real estate in the states of Florida and Arizona. As of December 31, 2011, the Company owned 4,975 developed residential lots, 2,565 partially developed residential lots, 12,905 undeveloped residential lots, and 9,280 acres of mixed use, commercial, and industrial land. The Company also constructs and sells homes in primary residential communities. The Company's segments include the development, sale and management of active adult communities; the development and sale of primary residential communities, and the sale of commercial, industrial or other land. In July 2011, the Company sold its subsidiary, Prominent Title Insurance Agency, Inc., in Poinciana, Florida. In November 2012, the Company acquired 527-acres at Eastmark, DMB Associates' newest large-scale integrated community in Mesa.
Active Adult Community Development
The Company’s primary business is the development of active adult communities and the construction and sales of residences within those communities. As of December 31, 2011, the Company’s adult assets included Solivita, CantaMia and Seasons at Traditions. Solivita consists of approximately 4,193 acres in Central Florida. Solivita offers its residents activities through the community’s Lifestyles program and approximately 148,000 square feet of recreation facilities. These facilities include two fitness centers, 14 heated swimming pools, restaurants, arts and crafts rooms, a cafe, and other meeting and ballroom facilities. It has also developed and owns two 18-hole championship golf courses. The community’s activity park houses a variety of sports and games facilities, including an official softball field, shuffleboard courts, pickle ball courts and tennis courts. Social activities at Solivita include its 170 clubs, including such diverse interests as photography, softball, theater and motorcycle riding.
CantaMia is a 1,770-unit active adult community located on 541 acres in the Estrella Mountain Ranch in Goodyear, Arizona. CantaMia consists of three Phases, of which it owns Phases I and II consisting of 402 acres, and it has an option to purchase the 139 acres in Phase III. Residents have exclusive use of the 30,000 square foot recreation and lifestyle facility situated on the focal point ten acre manmade lake system. Amenities include an exercise facility and swimming pools, a demonstration kitchen, library, technology center, rooms for arts/crafts and games, a movement studio for yoga and aerobics, and a cafe. CantaMia also has space for outdoor sporting venues, including swimming, softball, pickle ball, bocce ball, tennis and horseshoes. The Company closed 55 units as of December 31, 2011. Seasons at Traditions consists of 265 developed lots, 365 partially developed lots and approximately 400 undeveloped lots in a 452 acre active adult community located in St. Lucie County, Florida. The Company purchased Phase I of the partially developed community in September 2010, and Phase II in December 2011. Sales officially began in February 2010 and the opening of the recreation facility occurred in March 2011. 55 units have closed as of December 31, 2011.
Primary Residential Community Development
As of December 31, 2011, the Company was building communities in Arizona and at Bellapointe in Central Florida. In December 2006, the Company entered into agreements with Osceola County, Florida and Polk County, Florida for it to develop and construct at its cost a 9.66 mile four-lane road in Osceola and Polk Counties, to be known as the Poinciana Parkway (the Poinciana Parkway). The Poinciana Parkway includes 4.15 mile segment to be operated as a toll road.
Commercial / Industrial and Other Land Sales
The Company generates revenues through the sale of commercial and industrial land for third-party development. It is primarily located in Poinciana, and other non-core residential land.
AV Homes Inc
Suite 225, 8601 N. Scottsdale Rd
SCOTTSDALE AZ 85253