NEW YORK, April 8, 2026 /PRNewswire/ -- GTIS Partners LP ("GTIS"), a global real estate investment firm with a focus on residential and industrial/logistics investments, and Hovnanian Enterprises, Inc. (NYSE:HOV), a leading national homebuilder, today announced the closing of a $200 million joint venture to develop, construct and sell homes across a diversified portfolio of for-sale homebuilding communities.

Under the joint venture, GTIS through its investment vehicles is investing $150 million of equity capital alongside Hovnanian contributing $50 million, or 25%, of the capital requirement for total build out costs projected at approximately $545 million representing $617 million in home value, raising the total home value of the GTIS-Hovnanian homebuilding joint venture to $8 billion. The portfolio comprises seven homebuilding communities spanning five states, with approximately 907 homes remaining at closing and 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 under construction and largely through land development, with all but one community actively selling homes. Across the portfolio, 125 homes were sold but not yet closed at the closing date, representing approximately $82 million of revenue in backlog and providing strong visibility into home prices, absorption, and construction costs.

Ed McDowell, Partner and Head of U.S. Acquisitions for GTIS Partners, said, "This portfolio represents a mix of product types, price points, and geographic diversity across seven communities, many of which are follow-on investments to communities we have previously partnered on with Hovnanian. Because most of the communities are already well into development, we have a clear understanding of current home prices, how quickly homes are selling, and the costs to build them. This gives us confidence that the investment will deliver strong, risk-adjusted returns. Hovnanian has an excellent track record across numerous homebuilding joint ventures together and we look forward to growing our partnership."

Ara Hovnanian, Chairman of the Board of Directors, and Chief Executive Officer of Hovnanian Enterprises, Inc., added, "We are excited to enter this new joint venture with GTIS, building on our longstanding partnership and history of successful collaborations through various housing cycles. GTIS brings valuable industry experience and a steady, long-term perspective, making them the perfect partner as we continue to expand and diversify our homebuilding portfolio."

About GTIS Partners

GTIS Partners is a global real estate investment firm in the Americas, headquartered in New York with offices in São Paulo, San Francisco, Los Angeles, Atlanta, Charlotte, Phoenix, Dallas, Houston, Savannah, and Munich. The firm was founded in 2005 and is managed by President and Founder Tom Shapiro and partners, Rob Vahradian, Joao Teixeira, Tom Feldstein, Ed McDowell, Robert McCall, Peter Ciganik and Maristella Diniz. The firm manages $4.9 billion in gross assets and is active across a wide range of real estate sectors including single family and multifamily housing, office, industrial/logistics and hospitality as well as opportunity zone investments. The firm invests at various points in the capital structure including credit, common equity and structured equity. In the US, GTIS has invested in 236 assets across almost 50 unique markets including growth areas such as Miami, Phoenix, Dallas, Houston, Denver, Atlanta, Tampa and Charlotte. In Brazil, GTIS is among the largest real estate private equity firms with holdings including office, residential, logistics, and hospitality investments. Marquee assets developed by GTIS Partners in São Paulo include the Infinity office building and Palácio Tangará, a five-star resort style hotel. For more information, please visit www.gtispartners.com.

About Hovnanian Enterprises

Hovnanian Enterprises, Inc., founded in 1959 by Kevork S. Hovnanian, is headquartered in Matawan, New Jersey and, through its subsidiaries, is one of the nation's largest homebuilders with operations in Arizona, California, Delaware, Florida, Georgia, Maryland, New Jersey, Ohio, Pennsylvania, South Carolina, Texas, Virginia and West Virginia.

The Company's homes are marketed and sold under the trade name K. Hovnanian® Homes.

Additionally, the Company's subsidiaries, as developers of K. Hovnanian's® Four Seasons communities, make the Company one of the nation's largest builders of active lifestyle communities.

Additional information on Hovnanian Enterprises, Inc. can be accessed through the Investor Relations section of the Hovnanian Enterprises website at www.khov.com.

Media Contacts

Mary Beth Grover / Keely Gispan

ASC Advisors

(203) 992-1230

mbgrover@ascadvisors.com / kgispan@ascadvisors.com

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SOURCE GTIS Partners

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