Iida Group, Japan's largest builder of detached homes, agreed to buy 60% of PMCO Holdings, a new company combining the businesses of Atlanta homebuilder Patrick Malloy Communities, for about ¥8.26 billion in new shares. Patrick Malloy focuses on communities for buyers aged 55 and over and had sales of about ¥17.5 billion in 2024. About Patrick Malloy Patrick Malloy Communities has built neighborhoods around Atlanta for more than 30 years and has developed over 11,000 home sites. Its Soleil brand targets the luxury end of the 55-and-over market. Before the deal it earned an operating profit of about ¥2.8 billion. Founder Patrick Malloy stays as chief executive, and two board members from Iida's unit Arnest One, Tadayasu Ogawa and Kosuke Hashimoto, joined the leadership team. Why Atlanta Iida closed more than 40,000 homes in 2024 but faced slowing home building in Asia. It said metro Atlanta has low living costs, few natural disasters and a growing population, and it may expand to other areas later. Malloy said the new money would go to buying land for large communities across the Southeast.
