Newland and Sekisui House Form U.S. Joint Venture
- Oct 01, 2010
Dees Stribling, Contributing Editor
San Diego–Newland Real Estate Group L.L.C. and Sekisui House Ltd. have formed a joint venture to acquire real estate development projects in the U.S. consisting of residential and commercial land development. The initial thrust of the JV doesn’t include a multifamily component, but that is an eventual possibility, according to the partners.
“The JV is not targeting multifamily opportunities at this time,” a spokeswoman for Newland Real Estate tells MHN. “However, there could be multifamily land opportunities in some developments in the future.”
San Diego-based Newland has completed, or has under way, more than 140 real estate developments, with more than 20 million square feet of commercial and retail space, and 175,000 residential units, in 14 states. The company’s mixed-use development business, Newland Communities, is one of the largest privately held land developers in the country, with four communities in various stages of development, totaling more than 13,000 acres, now under way.
The partnership is notable because it marks Sekisui House’s entry into the U.S. property market. The Osaka-based company is Japan’s largest homebuilder, having sold more than 2 million residential units in Japan since its inception 50 years ago. From a core business of building detached homes, in more recent years the company has expanded into the construction of medium- and high-rise multifamily buildings, as well as increased its involvement in mixed-use urban development projects.
In September, Sekisui House formed a partnership with Lend Lease Group in Australia to develop a number of master-planned communities and apartment complexes in that country. The first of those developments will be a 144-unit apartment development called Serrata at Victoria Harbour in Melbourne.
Sekisui House is also known for its sustainability efforts. In 2008, it started selling “carbon neutral” homes, which it calls its Green First homes series, with a carbon footprint between 60 percent to 100 percent less than standard construction. The series also includes low-rise apartment buildings.