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Article: Hovnanian Land Investment Group and Morgan Stanley Real Estate Funds Announce Strategic Joint Venture; Venture Makes First Residential Land Development Investment in Manatee County, Fla.
- Article from:
- Business Wire
- Article date:
- August 9, 2005
CopyrightCOPYRIGHT 2005 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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WASHINGTON -- Hovnanian Land Investment Group, a wholly owned subsidiary of Hovnanian Enterprises Inc. (NYSE:HOV), and Morgan Stanley Real Estate Funds announced today that they have formed a strategic joint venture to acquire large parcels of land to develop as planned residential and mixed-use communities. The team also said a 600-acre parcel in Manatee County, Florida was its first acquisition.
The joint venture will work together to create a portfolio of land development investments, sourced primarily by Hovnanian Land through its network of industry relationships. After acquiring each land development investment, the joint venture will develop the land into ...