PR Newswire·Apr 8, 2026, 9:00 AM ET

GTIS Partners and Hovnanian Enterprises Announce Closing of $200 Million Homebuilding Joint Venture Portfolio Bringing Total Portfolio To $1.5 Billion

GTIS Partners LP & Hovnanian Enterprises, Inc. closed a $200 million joint venture to develop, construct, & sell homes across seven communities in five states.
GTIS contributed $150 million in equity capital while Hovnanian contributed $50 million, representing 25% of the total capital requirement.
Total build-out costs are projected at approximately $545 million, representing $617 million in home value, which raises the total joint venture home value to $8 billion.
The portfolio includes 907 remaining homes at closing, featuring active adult single-family homes, market-rate single-family homes, townhomes, & low-rise condominiums.
All but one community are actively selling homes, with 125 homes sold but not yet closed, creating an $82 million revenue backlog.
Ed McDowell of GTIS cited the portfolio's geographic & product diversity as a driver for confidence in strong, risk-adjusted returns.
Ara Hovnanian of Hovnanian Enterprises highlighted the partnership's successful history & GTIS's long-term perspective as key factors in the collaboration.
GTIS Partners manages $4.9 billion in gross assets & operates globally with headquarters in New York & offices in the Americas & Europe.
Hovnanian Enterprises, founded in 1959, is headquartered in Matawan, New Jersey, & operates as one of the nation's largest homebuilders across 12 states.