Avatar Holdings, a real-estate company in Florida and Arizona, has acquired several properties from JEN Partners LLC, a New York-based real estate private equity fund.
Joseph Carl Homes, a Phoenix-based home builder, was among the properties acquired. Joseph Carl Homes is the developer of CantaMia, a 1781-unit active adult community in Goodyear, Ariz. Additionally, Avatar received 445 acres of properties in Orange County, Fla.
In exchange, Avatar will pay JEN Partners about $62 million in cash, stock and notes, plus an earn-out of up to $8 million.
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