Sumitomo buys equity stake in Southlake builderJuly 1, 2013
Bellevue, Wash.-based Sumitomo Forestry Seattle Inc. has taken a 50 percent stake in Southlake-based Bloomfield Homes LP.
Sumitomo Forestry Seattle is a subsidiary of Tokyo-based Sumitomo Forestry Co. Ltd.
The acquisition of equity shares will allow Sumitomo the ability to expand its U.S. housing business.
Established in 2004, Bloomfield Homes has grown to become the eighth largest homebuilder in the region with the sales of $89 million and 400 closings in the fiscal year that ended December 2012, according to a news release. The company expects fiscal 2013 sales to be $135 million with 600 closings, according to the news release. Donald Dykstra is president of Bloomfield Homes, which has 64 full time and part time employees.