K. Hovnanian Homes Closes on 80 Single Family Home Sites in Northwest Phoenix

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K. Hovnanian Homes, the sixth largest new home builder in the nation, closed on 80 single family lots in northwest Maricopa County, Arizona. K. Hovnanian Homes purchased the finished lots in the Crossriver master plan and will market the community under the name Vintage at Crossriver. Sales are expected to begin in mid-August.

Our newest community, Vintage at Crossriver, provides K. Hovnanian Homes with an excellent location in the northwest valley, just minutes from Lake Pleasant and all of the surrounding conveniences

Hovnanian Enterprises, Inc. (NYSE: HOV) announced today that its subsidiary, K. Hovnanian Homes, has closed on 80 finished, single family home sites in the Crossriver master-planned community in northwest Maricopa County.

The property, previously marketed as Sundero and Rancho Silverado Unit II, was sold to K. Hovnanian Homes by J.P. Morgan Chase and will be renamed Vintage at Crossriver. Details of the transaction have not been disclosed.

The builder purchased 30-60'x120' finished home sites and 50-55'x115' finished home sites located in the area of Happy Valley Road and 123rd Avenue, just east of the Loop 303. There was also a completed 2,300 square foot inventory home included in the transaction.

"Our newest community, Vintage at Crossriver, provides K. Hovnanian Homes with an excellent location in the northwest valley, just minutes from Lake Pleasant and all of the surrounding conveniences," said Andy Pedersen, regional director of marketing for K. Hovnanian Homes.

Vintage at Crossriver is scheduled to open for pre-sales August 19th and will feature two model homes available to tour in early September. Vintage at Crossriver will offer six single level and two-story floor plans ranging from 1,860 square feet to 3,500 square feet. Pricing is projected to start in the mid-$100s.

Hovnanian Enterprises, Inc. (NYSE: HOV), founded in 1959 by Kevork S. Hovnanian, Chairman, is headquartered in Red Bank, New Jersey. The Company is the nation's sixth largest homebuilder with operations in Arizona, California, Delaware, Florida, Georgia, Illinois, Kentucky, Maryland, Minnesota, New Jersey, New York, North Carolina, Ohio, Pennsylvania, South Carolina, Texas, Virginia and West Virginia. The Company's homes are marketed and sold under the trade names K. Hovnanian Homes, Matzel & Mumford, Brighton Homes, Parkwood Builders, Town & Country Homes, Oster Homes, First Home Builders of Florida and CraftBuilt Homes. As the developer of K. Hovnanian's Four Seasons communities, the Company is also one of the nation's largest builders of active adult homes. Visit khov.com for more information.

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Andrew Pedersen
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