Japanese wooden housing and materials company Sumitomo Forestry has spent $215m to acquire a majority stake in US housebuilder JPI.
JPI will keep its name and maintain its headquarters in Irving, Texas, as well as offices in San Diego and Irvine, California. It willl continue to manage projects under construction until completion and thereafter operate autonomously.
In 2023, the company was named the fastest-growing developer and second fastest-growing builder in the US by the National Multifamily Housing Council.
Payton Mayes, JPI’s chief executive, said: “My relationship with Atsushi Iwasaki, the leader of Sumitomo Forestry’s US operations, dates back to 2014. Each interaction we’ve had with the Sumitomo Forestry team in the US and Tokyo has been marked by mutual respect and shared goals.
“Sumitomo’s consistent partnership and investment in JPI projects since 2019 is a testament to their confidence and faith in our vision. This acquisition amplifies JPI’s influence in the housing sector and charts a definitive path for JPI’s sustained growth.”
The acquisition is expected to be finalised in the fourth quarter of 2023.
