GTIS Partners, Hovnanian Enterprises expands homebuilding JV portfolio to $1b of equity to build 12,600 homes valued

GTIS Partners and Hovnanian Enterprises, a national homebuilder, have expanded their partnership to develop, construct and sell homes in a new joint venture of eight additional for-sale homebuilding communities.

To date, the partners have invested in approximately 70 homebuilding communities through multiple joint ventures.

The eight newly added communities comprise 1,392 homes located across New Jersey, Florida, Delaware and South Carolina. In addition to being geographically diversified, these communities are diversified by product type, consisting of townhomes, condominiums and both market-rate and active-adult single-family homes.

Approximately $115 million of capital will be invested in the joint venture, with Hovnanian contributing 30 percent of the capital requirement and GTIS Partners providing 70 percent, with total build out costs projected at approximately $800 million. Hovnanian will manage the day-to-day operations of the venture.

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