Sumitomo Forestry to acquire JPI.

Sumitomo Forestry, a comprehensive housing and wood products company, agreed to acquire JPI, a developer of Class A and attainable multifamily communities. Financial terms were not disclosed. "My relationship with Atsushi Iwasaki, the leader of Sumitomo Forestry's U.S. operations, dates back to 2014. Each interaction we've had with the Sumitomo Forestry team in the U.S. and Tokyo has been marked by mutual respect and shared goals. Sumitomo's consistent partnership and investment in JPI projects since 2019 is a testament to their confidence and faith in our vision. This acquisition amplifies JPI's influence in the housing sector and charts a definitive path for JPI's sustained growth," Payton Mayes, JPI CEO.