Sumitomo Forestry agreed to buy 90% of JPI, an apartment developer based in Irving, Texas, that works in Texas and California. The price was about ¥23.5 billion ($158 million), with up to about ¥8.5 billion more over three years depending on results. JPI started 5,051 apartments in 2022, eighth in the US; its CEO and CFO kept minority stakes. About JPI JPI builds apartments across the income range, from affordable and workforce housing to market-rate homes, and had more than 9,700 units under development. It kept its name, its Irving headquarters and its offices in San Diego and Irvine, and runs on its own inside the Sumitomo Forestry group. Co-founder Bobby Page had led the company for 34 years. A partner first Sumitomo Forestry had put more than $200 million into seven JPI projects since 2019. Its US business began in 2003 with single-family homes, through builders such as MainVue Homes, Brightland Homes and DRB Group, and it bought developer Crescent Communities in 2018. JPI's board kept ownership of projects already built or under way, under the name TDI.
