8/7/2023 0 Comments Impressionhomes netIncluded in the acquisition are the affiliated Property Management, Construction, and Title Service Companies. The company owns and controls approximately 5,000 lots. The company has experience in developing a variety of rental housing products, including town home, single-family, duplex, quadplex, and 5+ unit configurations. Who Is Southern Impression Homes?Īs today's press statement announcing the combination notes, here's the high-level on who Southern Impression Homes is and what its principals get: Source: Gehan Homes Southern Impression Homes, founded by Chris and Carter Funk, has operations in Northeast Florida, North Central Florida, and Southwest Florida. Let's look at who gets what, first on the surface, and then a bit below the outer layers of the transaction. Southern Impression Homes' addition to the Sumitomo stable platforms both a strategic beachhead in the rising-star asset class of build-to-rent development and construction and a masterful geographical entry into a still-highly-active Florida residential construction and real estate market.įurther, timing of the transaction – as the spigots of more typical investment capital clamp up amid inflation and higher interest rate impacts on the cost of debt – gives enormous dollar-value advantage to a player like Sumitomo Forestry, whose cash and access to capital draws from a 400-year track-record of long-termist counter-cyclical strategy. Source: Sumitomo Forestry Group company information The deal speaks to a holistic global strategy that slowly but surely integrates Sumitomo Forestry's North American operating portfolio of homebuilders and developers into a cohesive think-global-act-local business model that harmonizes and leverages its forests, its energy solutions, and its real estate and construction pillars as a stakeholder value-generator. The deal – with an $85 million acquisition price finalized as 2022 wound to a close – supercharges Gehan parent Japan-based Sumitomo Forestry's nearly decade-long quest and a redoubled goal to produce 23,000 new homes annually and to rank among the U.S.'s biggest, most important homebuilding enterprises. Ka-ching! 2023's homebuilding mergers and acquisitions deal flow begins with a bang.īriefly, this morning's news is that Dallas-based multiregional powerhouse homebuilder Gehan Homes has acquired an 80% stake in Jacksonville, Fla-headquartered Southern Impression Homes, a fast-growing southeastern market build-to-rent development and construction platform for investors.
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