300-Year-old Japanese firm buys 50 percent of DFW builder300-Year-old Japanese firm buys 50 percent of DFW builderhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=68782013-07-08T08:11:00Z2013-07-08T08:00:00Z

SOUTHLAKE - A Japanese firm that is a growing player in the U.S. housing industry has acquired a big stake in a North Texas builder.

Sumitomo Forestry Co. said that it has purchased a half interest in Bloomfield Homes LP. The nine-year-old independent builder, based in Southlake, gives Sumitomo a bigger slice of one of the country’s top housing markets.

Sumitomo Forestry was founded more than 300 years ago and has companies that invest in forestry, timber and building products and housing. In Japan, the company builds both custom and speculative homes.

Sumitomo’s other U.S. partner — MainVue Homes of Seattle — is also expanding into North Texas.

Bloomfield Homes had sales last year of $89 million and sold 400 houses in the Dallas-Fort Worth area. The company expects to have revenue of $135 million in 2013 from 600 home sales, according to Sumitomo.

Current management will continue to oversee operations of the private local firm.

Bloomfield Homes builds in more than two dozen locations in the Dallas-Fort Worth area. The company sells houses priced from less than $200,000 to more than $450,000.

Bloomfield Homes is the eighth-largest home builder in North Texas, according to housing analysts at Residential Strategies Inc.

“With this transaction they are likely to be aggressive and grow more,” said Residential Strategies principal Ted Wilson. “But I don’t think you’ll see many visible changes in Bloomfield.”

Sumitomo is also a partner in home builders in Australia and the Pacific Northwest.

Dallas Morning News
Dallas-Fort Worth-Arlington
http://www.dallasnews.com/business/residential-real-estate/20130701-japanese-firm-buys-50-percent-stake-in-major-d-fw-builder.eceRead more at {Source}

 Search NewsTalk Texas