Avatar acquires Joseph Carl Homes

Joseph Carl Homes, one of the few recent home builder startups in Phoenix, has been acquired by Florida-based Avatar Holdings Inc. The $62 million acquisition includes CantaMia, an adult community in Goodyear, and acreage in Orange County, Fla. All of the assets had been held by JEN Partners LLC, a New York private equity firm. Joseph Carl Homes was started in June 2009 by Carl Mulac, a former division president of Engle Homes and Standard Pacific Homes. Mulac will join Avatar (Nasdaq:AVTR) as executive vice president and president of its subsidiary Avatar Properties Inc. In a news release Monday, Avatar’s President and CEO Gerald Kelfer said, “Cumulatively this transaction will be transformative for Avatar as it significantly strengthens and expands our footprint, particularly in Arizona, bolsters our management team and deepens the experience of our board of directors.”

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