Avatar Holdings Files for Resale of $120M in Notes

CORAL GABLES, FL- Locally based Avatar Holdings Inc. has filed with the Securities and Exchange Commission for the resale of $120 million in total principal amount of its 4.5% convertible senior notes due 2024 and its common stock shares into which the notes are convertible.The notes were issued in a March private placement to qualified institutional buyers. The selling security holders listed in the SEC registration statement may offer the notes and the shares for resale. Avatar won’t receive proceeds from the holders’ resale of the notes or shares.Publicly traded Avatar Holdings is involved mainly in real estate operations–including development, commercial and industrial properties, property management and home building–in Florida and Arizona. Among the company’s projects is a joint venture with the Plaza Group to develop the $200-million, 250-unit, ultra-luxury condominium development Ocean Palms on Hollywood Beach, FL.