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CORAL GABLES, FL-Avatar Holdings Inc. produced a 145% increase in second quarter net income on a 12.78% growth in total revenue.

The Coral Gables-based developer of single-family and multifamily residential housing and active adult communities reported it closed on 332 units during the six months ended June 30, with a total value of $60 million, or $180,771 per unit. That compares with the 259 units closed during the same period in 2000, with a total estimated value of $52.2 million, or $201,927 per unit.

Part of the fiscal success is being attributed to closings on existing parcels at Harbor Islands, a 192-acre mixed-use residential project along the Intracoastal Waterway in Hollywood, FL. Sales in the site’s Admiral Cover parcel, which began in the fourth quarter of 2000, totaled more than $21 million as of June 30 this year.

In addition, the company reported continuing improvement in operating losses at Solivita, a 3,300-acre mixed-use active adult community in the company’s Poinciana development in Central Florida. Second-quarter operating losses dropped to $2.3 million, compared with $2.7 million in the first quarter this year and $3.6 million for the fourth quarter last year.

Overall, the company reported a net gain of $2.43 million, or 29 cents per share, on total revenue of $44.6 million for the three months ended June 30, compared with a net gain of $992,000, or 12 cents per share, on revenue of $39.54 million for the same period in 2000.

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