GTIS Partners LP and Hovnanian Enterprises Inc. (NYSE: HOV) have completed a $200 million joint venture to develop residential properties, according to Bloomberg, citing a company statement.

The partnership establishes a shared investment pool for homebuilding and sales operations. New York-based real estate firm GTIS Partners will contribute $150 million to the venture, while Hovnanian Enterprises will provide $50 million in funding.

The joint venture creates a combined development platform between the global real estate investment firm and the homebuilder. The companies plan to use the pooled capital for residential construction and sales activities.

Hovnanian Enterprises operates as a homebuilding company, while GTIS Partners focuses on real estate investments and development projects. The partnership represents a collaboration between the two firms' respective expertise in residential development and real estate investment.