JPI to be acquired by Sumitomo Forestry America
Sumitomo Forestry America has plans to acquire JPI’s operating platform.
Minority interests will be acquired by Payton Mayes, CEO of JPI, and Mollie Fadule, chief financial and investment officer of JPI. JPI will maintain management over all assets currently under construction until their completion and realization.
“Sumitomo’s dedication to JPI is clear, having committed over $200 million in seven JPI communities within the last four years. This transaction will enable JPI to grow and deepen our impact on the housing sector,” commented Mollie Fadule, chief financial and investment officer for JPI.
JPI will keep its name and maintain headquarters in Irving, Texas, supplemented by offices in San Diego and Irvine, Calif. Under the leadership team, led by Mayes and Fadule, JPI will operate autonomously within the Sumitomo Forestry conglomerate.
JPI started construction of 5,051 homes in 2022, securing its place as the number eight multifamily develop