AV Homes

December 03, 2013 09:05 ET

AV Homes Announces Acquisition in the Village at Litchfield Park

SCOTTSDALE, AZ--(Marketwired - Dec 3, 2013) - AV Homes, Inc. (NASDAQ: AVHI) has announced the acquisition of 90 finished lots in The Village at Litchfield Park, just west of Litchfield and Camelback Roads in Litchfield Park, Ariz. AV Homes plans to build two product series for the master planned community.

The Village at Litchfield Park surrounds The Heritage golf course, one of three well-known courses in Litchfield Park owned and operated by The Wigwam Resort. AV Homes' acquisition includes golf lots that back to The Heritage course.

The Village at Litchfield Park offers diverse architectural home designs, multiple city maintained parks (Aleppo, Rose and Little Park) and picturesque tree lined streets. The community and product planned for the site are targeted to two distinct homebuyers. One product will be an estate series designed for the discriminating move-up buyer and the second a luxury series with additional emphasis on architectural detail for the upscale homebuyer. The site is located only 2.5 miles from I-10, providing access to the vibrant I-10 business corridor, downtown Phoenix, and Sky Harbor airport.

AV Homes anticipates that the product line-up for The Village will include two distinctive home series with single-level and two-story homes ranging in size from 2,800 to 4,800 square feet. Current plans are to open for sales in the second quarter of 2014. AV Homes anticipates that prices will start in the low $300s in the estate series and in the $500s for the luxury home series.

About AV Homes
AV Homes, Inc. was formed in 1970. It is best known for the development of Poinciana, an award-winning 47,000-acre master-planned community near Orlando, Florida. Today, the company is engaged in homebuilding, land development and other real estate operations in Florida and Arizona with its new Carolinas division already in development of its first community. Its principal operations are currently located at Solivita near Orlando, and CantaMia near Phoenix. It currently builds homes for people of all ages including active adult communities intended for those 55 years and older in both the Central Florida and Phoenix metro homebuilding markets.

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