Gehan Homes Adds a Strategic Partner in Order to Strengthen
Opportunities for Growth in Homebuilding
Gehan Homes, a Dallas-based homebuilder, and Sumitomo Forestry America,
Inc. announce an agreement for Sumitomo Forestry to acquire 51% of the
The new partnership is designed to strengthen the market position of
Gehan Homes in each of their 5 homebuilding markets, all of which are
among the fastest growing housing markets in the United States. “Our new
partnership with Sumitomo Forestry will give Gehan Homes added financial
strength to better take advantage of a growing residential housing
market, especially in the area of land acquisition,” said Timothy Gehan,
CEO of Gehan Homes.
Sumitomo Forestry America, Inc. is a wholly-owned subsidiary of Sumitomo
Forestry Co., Ltd, a 320 year old, publicly traded timber, wood products
and homebuilding company based in Tokyo, Japan. Sumitomo Forestry
America has existing U.S. homebuilding operations in Seattle and the
Dallas/Fort Worth, Texas market.
With their equity investment in Gehan Homes, Sumitomo expands its
presence in the Dallas/Fort Worth market and adds the other fast-growing
markets of Houston, Austin, San Antonio and Phoenix, Arizona.
Gehan Homes will maintain its existing management and operational
structure, including its executive team of brothers Tim Gehan, Glenn
Gehan and Peter Gehan who founded the company along with their family.
“It was important to us to continue our current organization in order to
build on the successes we have had while positioning the company for
future growth,” said Glenn Gehan.
Gehan Homes builds in the “move-up,” “second move-up” and “luxury”
homebuyer categories. Currently, Gehan Homes is selling in 58
communities across Texas and Arizona. The company has seen a steady
increase in average selling price over the past four years due to
upgrades in floor plans and community locations. “We believe that Gehan
Homes is well-positioned to meet the needs of today’s discriminating
homebuyer,” said Peter Gehan. “We are excited about our new partnership
with Sumitomo Forestry and the strengthening of our company to continue
its growth in the future.”
ABOUT GEHAN HOMES:
A Top 30 Homebuilder in the U.S., Gehan Homes has a 25-year history of
helping Texas homebuyers achieve the dream of home ownership. With
award-winning designs, quality craftsmanship, smarter floor plans and
competitive pricing, every Gehan Home is built with a limited 10-year
warranty. Gehan Homes is headquartered in Dallas-Fort Worth with offices
in Houston, Austin and San Antonio, Texas; and Scottsdale, Arizona. For
more information, visit www.gehanhomes.com.
Daniel Brosey, 972-383-4372
Source: Gehan Homes