CORAL GABLES, Fla.,
June 16, 2011 /PRNewswire/ -- Avatar
Holdings Inc. (NASDAQ: AVTR) today announced that Jon Donnell has resigned as President and Chief
Executive Officer. The Company's Board of Directors is
pleased to announce that Allen J.
Anderson will serve as the new President and CEO. Mr.
Anderson is currently a Director of Avatar and a Managing Director
with JEN Partners, LLC, whose funds own 8% of Avatar's outstanding
common stock. The Board of Directors believes Mr. Anderson's
familiarity with the Company and his previous experience as a
public company CEO will provide a smooth transition.
Mr. Anderson has been charged with restoring profitability
through improved operations and by sharpening the Company's focus
on housing choices for the baby boomer generation, a potential
market of 76 million consumers. Avatar has significant
experience in building Active Adult communities and owns very
attractive assets positioned to serve this burgeoning market
including Solivita in Central
Florida near Orlando,
Seasons at Tradition in Port St. Lucie,
Florida and CantaMia in Goodyear,
Arizona.
Mr. Anderson brings Avatar his 38-year real estate investment
experience both as an investor and as a manager. He has been
a Managing Director at JEN Partners, LLC since July 2008 after having joined the firm as a
Senior Advisor in 2006. Prior to JEN Partners, Allen was
Chairman and CEO of Meridian Industrial Trust, a NYSE listed REIT,
since its inception in 1996 until its merger with Pro Logis in
1999. He was also a founding shareholder and director of
Recurrent Energy Inc., has previously served as Director of Lend
Lease Global Properties Fund, CEO of MRealty, a bank holding
company's real estate subsidiary, and was a Partner in Arthur
Andersen's institutional real estate services practice.
Allen is a founding member and past Director of the Pension Real
Estate Association (PREA). He is a graduate of the
University of Wisconsin, having
received a degree in Business Administration.
Avatar Holdings Inc. is primarily engaged in real estate
operations in Florida and
Arizona. Its principal real
estate operations are conducted at Poinciana, Solivita and
Bellalago in central Florida near
Orlando, Seasons at Tradition in
Port St. Lucie, Florida and at the
active adult community of CantaMia in Goodyear, AZ. Avatar's common shares
trade on The Nasdaq Stock Market under the symbol AVTR.
SOURCE Avatar Holdings Inc.
