GTIS Partners and Hovnanian Enterprises have closed a $200 million joint venture to develop, construct and sell homes across a diversified portfolio of for-sale home-building communities.
Under the joint venture, GTIS, through its investment vehicles, is investing $150 million of equity capital alongside Hovnanian, which is contributing $50 million, or 25 percent, of the capital requirement for total buildout costs projected at approximately $545 million, representing $617 million in home value, raising the total home value of the GTIS-Hovnanian home-building joint venture to $8 billion. The portfolio comprises seven home-building communities spanning five states, with approximately 907 homes remaining at closing, and the portfolio is diversified by geography and product type, including active adult single-family homes, market-rate single-family homes, townhomes (including affordable units) and low-rise condominiums.
As of closing, the recapitalized communities are und
