Publication Date:
Fri, 2012-02-17 11:43
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Public trading on the NASDAQ, a new name for its residential development group, and a smaller board of directors are part of Avatar Holdings' transition into AV Homes
Home builder and developer Avatar Holdings unveiled a new identity this week, rebranding itself as AV Homes Inc. It will also begin trading on NASDAQ as of the market open on Feb. 16 under the ticker symbol AVHI.
The name change is the latest in a series of rebranding moves by the active adult community builder, which does business primarily in Florida and Arizona. Its primary residential development operations were recently placed under the umbrella of Joseph Carl Homes, acquired by AV Homes in October 2010. The sale included CantaMia, a 55-plus active adult community near Phoenix.
AV Homes CEO Allen J. Anderson also announced that the company would be introducing new active adult brands; he did not go into detail about the new brands or when they will be introduced. The company is also planning to sell some of its holdings in Central Florida, which span thousands of acres.
On the corporate side, three members of the board of directors resigned effective Feb. 13, reducing the size of the board from nine to six members. Avatar Holdings also closed its offices in Coral Gables, Fla. Anderson said that the company will also be implementing a new operational model
