SOURCE: AV Homes

AV Homes

November 01, 2013 08:12 ET

AV Homes Purchases 105 Acres in Mesa Arizona

Two New Neighborhoods Planned

SCOTTSDALE, AZ--(Marketwired - Nov 1, 2013) - AV Homes, Inc. (NASDAQ: AVHI) has announced the acquisition of 105 acres in Mesa, Arizona, at the NE corner of Signal Butte and Williamsfield Road. The property is just east of DMB's acclaimed master-planned community Eastmark, where AV Homes is already underway with development of a 900-home active adult 55 plus community, slated to open in 2015. AV Homes plans to develop the property into approximately 345 home sites to accommodate two distinctive home product series.

Plans for the community include over 25 acres of parks, playground, and common areas, creating an idyllic neighborhood atmosphere. The homes will include single level and two-story floor plans specifically designed for the first time move-up market. The two neighborhoods will feature home designs ranging in size from 1,600 to 3,900 square feet. Residents will be only two miles from Gateway airport, six miles from 202 Santan Freeway, less than seven miles from US 60 Freeway, and within two miles of the proposed Williams Gateway Freeway alignment.

AV Homes plans to begin land development on the site in the second quarter of 2014 and anticipates sales starting in the first quarter of 2015 with prices from the low $200s.

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. www.avhomesinc.com

Contact Information