X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CORAL GABLES, FL-Avatar Holdings Inc., a locally based, publicly traded real estate company, registered net income of nearly $9.8 million for the second quarter, up from a net loss of $277,000 for last year’s second quarter.Net income per share diluted was $1.16, compared with a net loss of 3 cents per share diluted. Revenue for the second quarter totaled nearly $88.6 million, compared with $57.2 million for the 2003 quarter.For the first half of this year, the company reported net income of $18.2 million, or $2.02 per share diluted, and $166.6 million in revenue. This compares with net income of $1.7 million, or 20 cents per share diluted, and $107.5 million in revenue for the same period last year.Avatar Holdings is mainly involved in real estate operations–including development, commercial and industrial properties, property management and home building–in Florida and Arizona. Avatar’s projects include a joint venture with the Plaza Group to develop the $200-million, 240-unit, ultra-luxury condominium development Ocean Palms on Hollywood Beach. As of June 30, the joint venture had sold 219 of the units, with a $179.7 million aggregate sales volume.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.