IRVING, Texas – JPI, a leader in the development of Class A and attainable multifamily communities, and Sumitomo Forestry America, Inc., a comprehensive housing and wood products subsidiary of Sumitomo Forestry Co., Ltd., has successfully completed the acquisition of JPI’s operating platform. 
 
The acquisition was announced in October 2023.

JPI has established itself as a trusted leader in the multifamily development sector.It currently has more than 8,000 homes under construction in Texas and California, with a robust pipeline of projects under development. 
 
“This partnership marks a pivotal moment for JPI and I'm very excited for two primary reasons,” said Payton Mayes, CEO for JPI. “This partnership not only establishes a resilient structure that supports JPI’s long-term vision and legacy but also involves a significant infusion in JPI’s working capital. This strategic move will tremendously enhance our business plan and drive future growth and sustainability.”
 
“As a long-term partner, Sumitomo Forestry has made tremendous investments in JPI projects over the past four years,” said Mollie Fadule, Chief Financial and Investment Officer for JPI. “Their deep respect for our company culture and team has been evident throughout our collaboration. With this acquisition, we're embarking on an exciting new journey, one that promises remarkable growth and new opportunities for JPI.”
 
The acquisition strategically positions Sumitomo Forestry to expand its multifamily portfolio, making it the 6th largest multifamily company in the United States, based on the annual volume of homes delivered.  

“Today, we officially welcome JPI to our team,” shared Atsushi Iwasaki, the leader of Sumitomo Forestry’s U.S. operations. “As I’veworked with JPI and their leadership, I have become very familiar with their passion for making an impact on communities, which is a value we share at Sumitomo Forestry. We are confident that this partnership, in combination with JPI’s rich history, has a bright future.”
 
JPI will retain its brand identity and continue operating from its North Texas headquarters, supported by regional offices in San Diego and Irvine, California. The agreement includes minority interests acquired by Payton Mayes and Mollie Fadule, who will maintain key leadership positions as CEO and CFO/CIO respectively.