By Jill Ralph. After entering the Houston market last fall with the purchase of Parkside Homes, K. Hovnanian Enterprises has stepped up its market share by acquiring Houston's 11th largest builder, Brighton Homes. With the combination of Parkside and Brighton, K. Hovnanian expects to sell more than 1,000 homes a year in Houston and plans to become the city's seventh-largest builder in 2003.
In its most recent fiscal year, Brighton sold approximately 750 homes. It operates in two divisions: Brighton homes, which builds homes generally priced below $200,000; and Parkwood Builders, which builds homes at $250,000 and up.
"With our two Houston acquisitions, we have the necessary platform in place from which we can grow to become one of the top builders in Houston," said Ara Hovnanian, president and CEO of K. Hovnanian.
Published in BIG BUILDER Magazine, February 2003