There is common ground everywhere, even between two contrasting places like Texas and Japan. And especially in home building. After purchasing more than 50 percent of Dallas home builder Gehan Homes a few years ago, Japanese home building company Sumitomo is buying the rest of the company by the end of April, The Dallas Morning News reports. Gehan, a 25-year-old company, builds around 400 homes in the Dallas-Fort Worth area each year with prices starting around $250,000.
John Winniford, President of Gehan, said that with the sale to Sumitomo, they will now be able to pursue land acquisitions more aggressively and be in a better position for organic growth.
Sumitomo has other interests in Texas home building, as well. In 2013 the company purchased half ownership in the Dallas-Fort Worth area's largest builder, Bloomfield Homes. In 2015, Bloomfield built almost 1,000 homes. And that’s not all, Sumitomo is also a major investor in Australia’s MainVue Homes, which will be expanding to Texas from the Pacific Northwest. For now, Sumitomo will now control companies in the Dallas-Fort Worth area that are doing almost 1,500 housing starts per year.
