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AVATAR SELLS ITS FOUR MIDWEST WATER UTILITIES

 CORAL GABLES, Fla., Sept. 1 /PRNewswire/ -- Avatar Holdings Inc. (NASDAQ: AVTR) announced the closing of the previously reported sales of its water and wastewater utilities located in Indiana, Missouri, Ohio and Michigan.
 American Water Works Company, Inc. (NYSE: AWK) and three of its subsidiaries acquired the stock of Avatar's midwest water utilities for an aggregate price of $62 million, which will result in an aggregate pre- tax gain to Avatar of approximately $24 million. Avatar intends to use the net proceeds for working capital and other corporate purposes, including further reduction of corporate debt. Avatar still owns and operates its water and wastewater utilities operations in the state of Florida.
 Kidder, Peabody & Co. acted as Avatar's financial advisor for these transactions.
 Avatar Holdings Inc. is a diversified holding company primarily engaged, through its various subsidiaries, in real estate and utilities operations. Real estate activities include the development, marketing and sale of improved and unimproved property; construction and sale of shelter units; operations of amenities, resorts and cable television facilities in Avatar-developed communities; sale and management of vacation ownership intervals; and residential and commercial property management services. Utility operations include the purification and distribution of water and the treatment and disposal of wastewater.
 -0- 9/1/93
 /CONTACT: Juanita I. Kerrigan, vice president & secretary of Avatar Holdings Inc., 305-442-7000, ext. 230/
 (AVTR)


CO: Avatar Holdings Inc.; American Water Works Company, Inc. ST: Florida, Indiana, Missouri, Ohio, Michigan IN: UTI SU: TNM

AW-PC -- FL007 -- 7857 09/01/93 10:11 EDT
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Publication:PR Newswire
Date:Sep 1, 1993
Words:249
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