JPI will still be putting its name behind apartment projects, but Sumitomo Forestry America will own them once the dust clears. Sumitomo Forestry has acquired JPI’s operating platform. JPI will maintain management of all assets currently under construction until their completion. JPI will retain its brand identity and continue operating from its Irving headquarters and regional offices in San Diego and Irvine, California, as a subsidiary of Sumitomo Forestry.

JPI has built more than 100,000 apartment units in 141 cities in 27 states, valuing more than $14.3 billion, and has more than 8,000 under construction.

Since 2003, Sumitomo Forestry has largely focused on the single-family home business in the U.S. The company has been working to expand its commercial real estate development business, starting with the acquisition of Crescent Communities LLC in 2018. Their acquisition of JPI will notably augment their multifamily construction volume enhancing their reach and scale.