A Japanese builder is making a big play in the Dallas area with the purchase of a North Carolina company.
Sumitomo Forestry Co. is buying the assets of Crescent Communities LLC, which has apartment and home communities in North Texas.
The $370 million purchase includes properties in nine states.
In the Dallas-Fort Worth area, Crescent is building apartment communities in Dallas’ North Oak Cliff and Deep Ellum neighborhoods.
The builder also has done single-family home communities in Texas.
The pending purchase of Crescent is just the latest major acquisition in the U.S. by Sumitomo, Japan’s most prominent homebuilding and construction materials firm.
"This acquisition will allow the group to obtain a high-quality platform for its multi-family housing business and commercial complex development business in the U.S., with a view towards further developing and promoting its housing and real estate businesses in the U.S.," Sumitomo officials said in a statement.
Crescent Communities started construction on more than 2,200 U.S. apartments last year.
In the Dallas- area, the builder just broke ground on a 7-story, 230-unit apartment and retail building at Canton Street and Malcolm X Boulevard in the Deep Ellum district.
Crescent is finishing up a project in North Oak Cliff near the Bishop Arts district that includes more than 300 apartments and retail space.
Crescent’s Japanese buyer already has a stake in North Texas’ booming housing market.
Sumitomo recently purchased full ownership of Bloomfield Homes L.P., one of the D-FW area’s top 10 homebuilders.
Another of Sumitomo’s U.S. builders – MainVue Homes of Seattle – is also expanding into the North Texas markets.
Sumitomo Forestry was founded more than 300 years ago and has companies, which invest in forestry, timber and building products and housing.
At home in Japan, the company builds both custom and speculative homes.
The company says it wants to eventually have annual sales of 5,000 homes in the U.S.
Crescent Communities is building a retail and apartment project on Canton Street in the Deep Ellum area of Dallas.