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AV Homes Expands Into Jacksonville Market With Purchase of 80 Acres

JACKSONVILLE, FL -- (Marketwired) -- 08/11/14 -- AV Homes, Inc. (NASDAQ: AVHI), a developer and builder of active adult and conventional home communities in Arizona, Florida and North Carolina, is expanding its Florida division into the Jacksonville market with the purchase of 80 acres located just off the 295 Beltway and Butler Boulevard, near St. Johns Town Center.

The purchase closed Aug. 8 for an undisclosed price.

"This property is beautiful and truly unique," said David Smith, Florida division president and a Jacksonville resident. "The AV Homes team is committed to creating a community in harmony with its natural surroundings for future residents to enjoy."

Initial community concepts utilize an urban park design, with streetscapes oriented to front porches and winding sidewalks. Smith, who said the company will release additional details in the near future, expects the homes to appeal to a range of homebuyers.

Jacksonville's strong growth in existing home sales and job creation, steady population growth and decreased inventory of existing homes has increased the demand for new homes, Smith said.

"AV Homes recognizes the current and future housing needs in Jacksonville -- the timing is right," he said. "Jacksonville is a vibrant city, and we know the AV Homes brand will be well received here."

With the Jacksonville purchase, AV Homes significantly expands its footprint in Florida and creates additional growth opportunities for the company.

"Florida is a strong market for AV Homes, and we expect great success with our plans in Jacksonville," he said.

AV Homes' four existing traditional and 55-plus communities in the Orlando area and Port St. Lucie have been recognized for master planning and home design and an emphasis on healthy living and community involvement.

The company's Central Florida communities include Solivita, a 4,300-acre lifestyle community for adults 55-plus; Bellalago, located along more than a mile of Kissimmee's Lake Tohopekaliga; and Waterview, a traditional family-friendly neighborhood situated on 283 acres in Kissimmee.

Introduced in 2013, AV Homes' Vitalia is the only age-restricted neighborhood for active adults 55-plus located within the 8,300-acre Tradition community in Port St. Lucie.

About AV Homes
AV Homes, Inc. is engaged in homebuilding, community development and land sales in Florida, Arizona and North Carolina. Its principal operations are conducted near Orlando, Florida, Phoenix, Arizona and Raleigh and Charlotte, North Carolina. The Company builds communities that serve active adults 55-plus. AV Homes common shares trade on NASDAQ under the symbol AVHI.

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