Avatar Holdings acquires Phoenix home builder in $62 million deal

Joseph Carl Homes, a Phoenix-based home builder, was among the properties acquired by Avatar Holdings in a $62 million deal with JEN Partners LLC, a New York-based real estate private equity fund. Joseph Carl Homes is the developer of CantaMia, a 1,781-u

October 29, 2010

Avatar Holdings, a real-estate company in Florida and Arizona, has acquired several properties from JEN Partners LLC, a New York-based real estate private equity fund.

Joseph Carl Homes, a Phoenix-based home builder, was among the properties acquired. Joseph Carl Homes is the developer of CantaMia, a 1781-unit active adult community in Goodyear, Ariz. Additionally, Avatar received 445 acres of properties in Orange County, Fla.

In exchange, Avatar will pay JEN Partners about $62 million in cash, stock and notes, plus an earn-out of up to $8 million.

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