Daiwa House Group, the largest homebuilder in Japan, announced that its U.S. subsidiary has agreed to acquire 82 percent of the member interests in Stanley-Martin Communities, LLC., a builder in the Washington D.C. metropolitan area.
Daiwa has expanded operations into China, Southeast Asia, and Australia in recent years. Two years ago, the firm struck a deal with Lincoln Property Company to build multifamily housing in the U.S.
For the 12 months ending in September, Stanley Martin had 902 home sales and 821 home closings, generating $500 million in revenue. In addition to Washington, the company builds in other metros in Virginia and North Carolina.
The transaction is expected to close in December 2016.