Home News Japanese company to buy major Texas homebuilder for about $514 million

Japanese company to buy major Texas homebuilder for about $514 million

by admin
0 comment

Global homebuilders and developers play a major role in the Texas housing market and continue to make a series of investments in the region by Japanese companies.

Sekisui House Ltd., based in Osaka, Japan, one of Japan’s largest homebuilders, has agreed to acquire Chesmar Homes LLC in a transaction of approximately $ 514 million. The company said on Friday.

The transaction also includes Chesmar’s sister companies, CLM Mortgage Inc., Entitled Insurance Inc., and NTitle Inc.

Headquartered in the Houston area, Chesmer owns more than 6,000 residential lands and ended sales of 2,082 homes in Dallas / Fort Worth, Houston, San Antonio and Austin in 2021. The company reached net sales of approximately $ 810 million in 2021.

According to the Dallas-based housing strategy, builders started 190 homes and closed 205 homes in the four quarters to March.

According to Chesmar’s website, it sells mid- $ 300,000 to about $ 700,000 homes in northern Texas. The company is built in more than 12 communities in the region, including Prosper’s Legacy Hills, Rockwall Stone Creek, and Forney’s Park Trail.

“With the addition of Chessmar to the Sekisui House family, we can quickly scale up in several key markets in the fascinating Texas region,” said Rick Robido, CEO of Sekisui House’s US subsidiary. I am. “We believe we can continue to build dream homes for our Texas family while providing the capital and efficiency to help Chesmer grow and become more competitive.”

Sekisui House previously acquired other major US homebuilders, including Utah-based Woodside Homes Co. LLC in 2017 and Holt Group Holdings LLC in Vancouver, Washington in 2021.

Sekisui House is no stranger to North Texas. We are partnering with the state-wide Masterplan community to develop apartments, such as Frisco’s Holly Hook and Flower Mound’s Canyon Falls, a joint venture with Brookfield Property.

As of January 31, Sekisui House has delivered 2.5 million homes worldwide and employs more than 28,000 people.

“Chesmar Homes was an adventure in my life,” said Don Klein, Founder and CEO of Chesmar. “We look forward to becoming part of Sekisui House’s corporate collection and supporting our goal of creating more than 10,000 happy customers each year in the international market.”

Citi, Hearthstone and Morrison & Foerster LLP advised Sekisui House on this deal. Builder Advisor Group; Paul, Weiss, Rifkind, Wharton & Garrison LLP; Krage & Janvey LLP collaborated with Chesmar.

This is the latest in a series of investments in D-FW housing by Japanese-based companies.

Misawa Homes America Co., Ltd., a US subsidiary of Misawa Homes Co., Ltd. in Japan Signed the contract Purchase 51% of South Lake-based Impression Homes in 2018.

2016, Japanese builder Sumitomo Forestry Co., Ltd. I bought a home builder Gehan Homes in Dallas.. 2018, same company Acquired North Carolina-based Crescent Communities LLCBuilt an apartment and a house in northern Texas.

You may also like