Japanese construction giant Sumitomo Forestry is making its biggest U.S. homebuilding bet yet, placing a premium on experience with Caliifornia’s notoriously difficult regulations. Tokyo-based Sumitomo Forestry will acquire Irvine-based Tri Pointe Homes in an all-cash transaction valued at about $4.5 billion, HousingWire reported. Sumitomo was attracted to California-founded Tri Pointe’s longtime experience with “strict zoning regulations” and “constraints” in the Golden State, according to HousingWire. The company acquired Tri Pointe, with its 17 divisions, to purportedly take advantage of its expertise in land acquisition and architectural design. In markets such as these, navigating local politics when securing approvals is becoming […]
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