Hovnanian Enterprises furthered its reach in the Midwest and South with two March acquisitions. First, the builder bought Orlando, Fla.–based Cambridge Homes, which closed 599 homes for $166 million in 2004. The next day, in a deal believed to be the largest private home builder acquisition ever, Hovnanian announced it had entered into a joint venture with investment bank Blackstone Real Estate Advisors to acquire Town and Country Homes. With operations in Chicago, Minneapolis, and Florida, Town and Country closed 1,460 homes and booked $400 million in revenue in 2004.
Learn more about markets featured in this article: Orlando, FL.
