Avatar ranked nation’s 64th largest homebuilder

June 22, 2005

A 20 percent increase in residential closings and a 30 percent increase in gross revenue earned Coral Gables-based homebuilder-developer Avatar Holdings Inc. (Avatar) a number 64 ranking in Builder magazine’s Builder 200 poll for 2004.

Avatar Holdings is the parent company of Avatar Properties Inc. which is developing and building homes in four master-planned communities in Central Florida, and building homes in two Tampa Bay area master-planned communities.

Avatar posted a record 1,427 closings last year, up 20 percent over 2003, and gross revenue of $330 million, up 30 percent over 2003.

The company’s Central Florida Division, which is developing the master-planned communities of Poinciana, Solivita, Bellalago and the Isles of Bellalago, accounted for 1,291 of all closings (90%) and $240 million (73%) of the gross revenue.

Poinciana, which covers approximately 47,000 acres in northwest Osceola and northeast Polk counties and includes Avatar’s primary housing as well as its award-winning active-adult community of Solivita, accounted for 1,081 (76%) of the company’s residential closings and $191.4 million (58%) of the company’s $330 million in gross revenue. Bellalago, Avatar’s gated community with over one mile of shoreline along Lake Tohopekaliga, accounted for another 210 closings (15%) for $48.6 million (15%).

Avatar’s Tampa Division, which recently started building homes in the master-planned communities of Cory Lake Isles and Sterling Hill, accounted for 37 closings (3%) for $15.2 million (5%). Additional closings and revenue were generated by Avatar’s various housing subsidiaries in South Florida and Arizona.

Avatar Properties Inc. is a wholly-owned subsidiary of Avatar Holdings Inc., a publicly-held company that is primarily engaged in real estate operations in Florida and Arizona. Avatar’s principal real estate operations are conducted at Poinciana, SoliVita, Bellalago and the Isles of Bellalago near Orlando; Harbor Islands in Hollywood, Florida; Cory Lake Isles and Sterling Hill in Tampa; and at Rio Rico south of Tucson, Arizona. Avatar’s common shares trade on The Nasdaq Stock Market under the symbol “AVTR”.

For additional information, contact Juanita Kerrigan, vice president, Avatar Holdings Inc., at (305) 442-7000.

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