Sekisui House and Newland Group form second JV in US
SEKISUI HOUSE, LTD., and Newland Real Estate Group, LLC, closed on their second joint venture acquisition together, in late March, on a 4,218 acre (1,707 hectare) parcel in the Seattle/Tacoma metro area of Pierce County, Washington. This acquisition signals the continued U.S. expansion efforts of SEKISUI HOUSE, Japan’s largest homebuilder and leading diversified developer, through their relationship with Newland, a national diversified real estate company.
SEKISUI HOUSE formed its 100 percent subsidiary, NORTH AMERICA SEKISUI HOUSE, LLC, (NASH) in mid-2010 to manage U.S. business operations, including acquiring land assets with Newland. Their first joint acquisition occurred in September 2010, and comprised 492 acres adjacent to Newland’s Cinco Ranch community in Houston, Texas.
This latest acquisition currently planned for more than 6,000 new homes, an employment center, and a variety of commercial and civic uses, represents one of the largest remaining entitled master-planned community developments in the Seattle metro area.
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Isami Wada, Chairman and CEO of SEKISUI HOUSE said, “We are very pleased to continue our U.S. expansion with this latest acquisition in a target U.S. market we have been watching for some time. We believe the Seattle market will appreciate both SEKISUI HOUSE and Newland’s commitment to environmentally conscious community development. We look forward to continuing to expand our business in the U.S. through our joint venture with Newland.” “Newland and SEKISUI HOUSE share a commitment to creating well-planned, sustainable communities that will thrive for decades to come,” said Robert McLeod, Chairman and CEO of Newland. “Newland has a legacy in the Northwest we are very proud of, dating back to 1979 with our successful Fisher’s Landing community, outside of Vancouver, Washington,” McLeod continued. |
Newland’s mixed-use development business, Newland Communities, is the largest privately held land developer in the U.S. and is currently developing master-planned communities in 14 states. In the Northwest, in addition to Fisher’s Landing, Newland Communities developed the River Rim community in Bend, Oregon, and is currently developing the Eagle Ridge community in Spokane, Washington, and completing final sales in the community of Creekstone in Kennewick, Washington.
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