AV Homes

April 15, 2014 08:05 ET

AV Homes Announces First Community in Greater Charlotte

CHARLOTTE, NC--(Marketwired - Apr 15, 2014) - AV Homes, Inc. (NASDAQ: AVHI) has announced the construction of its first community in greater Charlotte. The new community, named Morgan's Branch, is located near the intersection of South Point Road and Armstrong Road in south Belmont.

Morgan's Branch will feature 153 traditional homes ranging in size from 1,800 to 3,000 square feet with 55' and 70' lots. With prices from the low to mid $200s, Morgan's Branch is targeted to first time and first time move-up buyers and will be built in four phases. Current planned amenities include a community pool and cabana. Phase 1 is underway with completion expected third quarter 2014.

Belmont is a premier location with excellent schools, easy lake access and nearby attractions such as the Stowe Botanical Gardens. Morgan's Branch is located in the southern edge of the city near the western edge of Lake Wylie.

"This is just the first of AV Homes' planned communities for the greater Charlotte area," stated Bill Kiselick, division president, Carolinas division of AV Homes. "Recent census data shows that those between the ages of 25 and 34 are attracted to markets like Charlotte and we believe this trend will continue over the next few years. We are actively looking for new property to develop and we anticipate more announcements this year."

AV Homes is also in development of its first Triangle area community in Durham, North Carolina. The 650-unit active adult community is in the 357-acre planned mixed-use development of Bethpage. AV Homes expects to begin land development in the second quarter of 2014 and anticipates that sales will start the first quarter of 2015.

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 two communities. 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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