The Red Bank, NJ-based builder of townhouses, condominiums and single-family likes the "vibrant housing market" in the Twin Cities metropolitan area, pointing out that more than 18,000 new housing permits were taken out last year for both attached and detached housing. This market breadth will allow Hovnanian to employ our diverse product strategy to achieve growth and market penetration.
"While we have typically entered new geographic markets through acquisitions," says Ara K. Hovnanian, president and CEO of Hovnanian Enterprises. That said, he says he's confident that Standke's experience will offer the same benefits as buying a local homebuilding company. Hovnanian has operations in Arizona, California, Florida, Maryland, New Jersey, New York, North Carolina, Ohio, Pennsylvania, South Carolina, Texas, Virginia and West Virginia.
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