Goodyear parcel sells for $6 million

Avatar Holdings, a publicly traded community developer and homebuilder based in Coral Gables, Fla., said it has closed on the purchase of a 187-acre parcel in the Estrella master-planned community in Goodyear for $6 million. The company said the purchase will allow it to expand the development of its CantaMia active adult community, which opened in February 2010. About 1,700 homes are planned for CantaMia, to be built in three phases of development. The first phase will have about 630 homes at build-out, and the second and third phases will comprise about 1,140 home sites. Avatar said it has an option agreement with Estrella's developer, Newland Communities, to purchase an additional 139-acre parcel that will make up the community's third phase. Arizona-based Carl Mulac, Avatar Properties Inc. president, said the purchase will enable the company to move into its second development phase without delay. "We have made a significant investment at CantaMia in Estrella, and this purchase validates our ongoing commitment to this community and its residents," Mulac said. Nate Nathan, of Nathan & Associates, the agency that handled the transaction, said homebuilder activity has increased at Estrella as the surrounding area has continued to develop, making it one of the most flourishing communities in metro Phoenix for new-home construction.

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