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JPI Taken Over by Sumitomo Forestry
Sumitomo Forestry has acquired apartment developer JPI’s operating platform. JPI will maintain management over all assets currently under construction until their completion and realization. The company will keep its name and maintain its headquarters in Irving, Texas. JPI will operate autonomously within the Sumitomo Forestry conglomerate. Sumitomo has invested over $200 million in JPI communities over the last four years.
According to an NMHC 2023 survey, JPI is the #1 fastest-growing developer and #2 fastest-growing builder in the U.S.
Sumitomo Forestry’s Atsuchi Iwasaki added, “This collaboration with JPI is a significant milestone in our continued commitment to fostering sustainable communities The shared values and vision between Sumitomo Forestry and JPI cement this partnership’s potential. We’re looking forward to a future filled with innovative, impactful communities across the income spectrum.”
Since 2003, Sumitomo Forestry has largely focused on the single-family home business in the U.S. Their acquisition of JPI is expected to augment their multifamily construction volume.
