GTIS and Hovnanian Strike $200 Million Property Venture (1)

Global real estate firm GTIS Partners LP and Hovnanian Enterprises Inc. have closed a deal for a $200 million joint venture.

The agreement creates a shared pool of money to build and sell homes, with New York-based GTIS investing $150 million and Hovnanian contributing $50 million, the companies said in a statement Wednesday.

The portfolio includes seven communities across five states — two in New Jersey, with others in Delaware, Florida, South Carolina and Virginia — according to Tom Shapiro, president of GTIS. The firm has invested in roughly 80 homebuilding projects with Hovnanian nationwide.

“The housing market has ...